How much your divorce costs will depend on a variety of factors that are specific to your case. There is no one size fits all answer, which is why most lawyers will simply answer, “it depends.” However, there are some steps you can take to help minimize your divorce costs.
One of the biggest factors in the cost of a divorce is lawyers’ fees. If you and your spouse can work out most of your disagreements and split up assets and debts on your own, before going to court, that’s less your lawyer needs to do, meaning you’ll be billed for fewer hours. Likewise, unresolved marital issues could lead to a drawn out and expensive divorce.
On top of your lawyer’s time, you’ll have to decide what rate you’re willing to pay. A lawyer’s hourly rate can range from $200 to $1,000 per hour. However, you may not want to simply choose the cheapest option, as a lawyer’s hourly rate is correlated with their experience. The Riley Divorce & Family Law Firm has 30+ years of experience in helping couples resolve their marital difference and could settle your divorce in half the time and reduce your stress along the way.
It’s also crucial to consider your and your spouse’s combined net worth and whether your divorce will require dividing high-value assets. Real estate, trusts, and retirement accounts can be difficult and time consuming to divide between you. If you or your spouse have a large portfolio of valuable assets, you can expect a more expensive divorce. However, if you are able to come to an agreement before going to court, you can make a substantial impact on the overall cost of your divorce.
Also take into account where you live. If you live in an expensive city, a lawyer will likely cost much more than one who practices in a small town. Lawyer Paul Riley offers free 30-minute consultations where he can discuss budgeting and how to reduce the cost of your divorce based on the specific facts of your case.
Let an experienced lawyer help navigate you through the divorce process and save you money along the way. Call today to get started.