The Financial Impact of a Divorce
The financial costs associated with a divorce can quickly become substantial, especially if there is a lot of courtroom litigation involved. Some experts estimate a contested divorce involving a significant amount of litigation can cost upwards of $50,000, although most divorces are significantly less expensive.
In general, settling a divorce through mediation is more likely to keep expenses low. Even then, there are still some costs you will need to consider, in addition to attorney’s fees, mediation fees and court costs:
- Asset division: There are a number of considerations that go into determining how your marital assets will be divided, but one thing is for sure — you are not coming away with everything. The loss of liquid and physical assets is one of the biggest costs of a divorce.
- Debt division: Determining who is responsible for a marriage’s debts can be particularly contentious. You will likely have some responsibility for the debts incurred.
- Child support: Payments for child support are heavily dependent on income. If you are the non-custodial parent, you will likely have to pay at least some child support, which may run thousands of dollars per year.
- Spousal Maintenance: Not all divorce orders include spousal maintenance payments, but those that do add additional expenses for the payer every month.
- Taxes: There are many tax implications of a divorce, ranging from loss of marital benefits to the changing status of a marital residence.
A skilled attorney will help you to gain a better sense of the total financial impact of your potential divorce. For more information and further guidance, speak with an experienced Minneapolis divorce lawyer at Appelhof, Pfeifer & Hart, P.A. today.