When a couple decides to get divorced, one of the foremost questions that comes to mind is the financial costs of getting a divorce. Divorce is a decision that not only changes your marital status, but also changes your financial situation. Generally, the overall cost of a divorce depends on various factors, such as whether you separate or not before the divorce is final, whether your spouse is combative, how many issues you will need to resolve, and the divorce lawyer you hire. The more complex your divorce case is, the more expensive it usually becomes. Are there children? Is alimony an issue? How difficult will be to unravel the parties’ finances? Are there closely-held businesses?
The cost of divorce largely depends upon how cooperative the couple is when arriving at settlement decisions. If the parties cannot agree on how to settle things, then they will have to litigate the case in family court. This will add a significant financial cost to a divorce case. In some cases, the court may order one spouse to pay the attorney fees for the other spouse. Moreover, many court fees and expenses for people such as accountants, real estate appraisers and other experts will have to be paid up-front. The fees charged by a divorce lawyer Boca Raton usually depend upon his/her experience and reputation.
Below are some of the big expenses involved in a divorce case:
Litigation and Mediation Expenses
Mediation is usually a more cost-effective way to handle a divorce than to go to court. In mediation, a neutral third party works through decisions with the divorcing couple to settle on an agreement. Though mediation is an excellent way to avoid those big divorce costs, it is only effective when both parties are on speaking terms and are ready negotiate in good faith in a peaceful and composed manner.
If court is required, the costs can go up, and there is greater potential risk. In case of court, attorneys are paid aggressively pursue all everything his or her client wants.
Child Care Expenses
Divorcing couples with children tend to face more expenses both during and after the divorce process. Many factors are taken into account by the court when calculating how much child support will be paid. One of the key factors considered when determining the basic child support to be paid are the net incomes of the parents under the Florida Child Support Guidelines. Florida Statutes Section 61.30 provides the formula that the courts use to calculate child support. The steps used by the court to determine child support include determining gross monthly income, net monthly income, costs of health insurance for each parent and the child, costs of child care, the number of overnights each parent has with the child, tax deductions, and applying those figures into the formula set out in the Statute.
It is important to look at divorce as a decision with major financial implications. When deciding to get a divorce, a couple must find ways to reduce big expenses instead of taking each other to court simply for the sake of retribution.