Divorce can be expensive. The average cost of a divorce is estimated to be around $11,300, between attorney fees, court fees, property appraisals, business valuations and more. That has a lot of couples looking for ways to minimize the costs.
Often, the cost of a divorce can be affected pretty drastically by the choices one or both spouses make during the process. Understanding what tends to increase the price can help you make more informed choices and avoid unnecessary conflict. Here are four major mistakes:
Letting your emotions drive you
Approach your divorce like it is a business transaction. As hard as it may be to put those feelings aside, anger and a desire to “win” over your spouse can lead you to actions that will drag out the divorce process and drive up the cost.
For example, fighting over minor assets, refusing reasonable compromises or using the divorce process to punish a spouse for their bad behavior means more attorney fees, more court appearances and greater overall expenses. Decide in advance that you’re going to focus on a few major goals and let the rest go.
Failing to gather your financial information
One of the most common sources of delay and expense is incomplete financial documentation. If you do not have access to bank statements, tax returns, retirement account information, mortgage records and other financial documents, your attorney may need to spend additional time obtaining them to begin negotiations.
You’ll save yourself a lot of time, frustration and money if you make sure that your financial papers are organized and ready when you file.
Hiding assets or failing to disclose
Attempting to conceal assets or provide incomplete information on formal disclosures can significantly increase the cost of a divorce. Courts tend to look very unfavorably on such behavior, and they can impose stiff financial penalties as a result.
Battling over every issue in court
Litigation is often one of the most expensive aspects of a divorce. When spouses are unable to resolve even minor disputes on their own, legal fees can escalate rapidly. Whenever possible, direct negotiation, mediation and other forms of dispute resolution can help narrow the divides and reduce how much you spend in court.
Ultimately, the more issues that require court intervention, expert opinions or extensive discovery, the more expensive a divorce is likely to become. Speaking with an experienced family law attorney can help you understand your options, develop a strategy and protect your interests while keeping your costs as manageable as possible.
