A number of factors impact the cost of divorce. A relatively young couple will generally have a less expensive divorce compared to an older couple while an amicable split generally results in a lower cost compared to a contentious divorce.
What kinds of factors impact the cost of a divorce?
In many cases, those over the age of fifty have accumulated more assets compared to their younger peers. As a result, the asset division determination portion of the divorce can become more complicated. Those going through a divorce may need to hire professionals to conduct a business valuation. The parties may require the use of special paperwork to split retirement assets. Although the average cost of divorce is generally around $20,000, the presence of the factors noted above that tend to increase with age can result in a divorce that costs the parties over $100,000.
Are there options for parties to a divorce to control the cost?
There are proactive steps the parties of a divorce can take to better control the cost of the divorce. Ideally, the couple will negotiate a settlement without needing to go to litigation. Unnecessarily heading to court can greatly increase the cost of the divorce. The parties to the divorce can also increase the efficiency of the process by accounting for and gathering paperwork to represent their assets. This will ease the property division portion of the proceeding.
It is important to note that in some cases, a failure to go to court could result in a greater cost as one party may be cheated out of his or her fair share during the divorce. Determining the best way to protect your interests is difficult. An attorney experienced in this area of the law can represent your interests during the initial divorce negotiation process and, if needed, during litigation.