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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. 

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Client testimonials
  • "Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.

  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.

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