EP 45: How Much is Divorce Really Going to Cost?

Welcome to the forty-fifth episode of Divorce and Your Money Show. Your host, Shawn Leamon, MBA and a Divorce Analyst, discusses the cost of a divorce.

The cost of divorce can vary depending on your state and the type of divorce you are getting. Every divorce and circumstance are unique. The different ways of getting a divorce can also affect the cost. These include litigation, mediation, arbitration, collaboration, and DIY divorce.

Litigation is the most commonly followed practice, where attorneys duel for settlement and division of assets. It is the most expensive option but not necessarily the best one. It can last for an extended time and exhaust you financially. The average divorce in the U.S. costs between $15,000 and $30,000.

Many factors affect cost during the divorce process. The most expensive is usually the divorce attorney.  Attorney’s fees can range from a few hundred to even a thousand dollars an hour, which adds up quickly if your case is complex.

Having a Divorce Financial Analyst, Forensic Accountant, Real Estate appraiser, and others are generally expensive, and a therapist will also charge by the hour. You also have the cost of living. Following a divorce, you may have to pay alimony and child support, which can also go on for an extended period of time.

Divorce is usually expensive, and you need to be mentally and financially aware and prepared for it, but you can reduce some of the cost. For example, the cheapest method is DIY divorce, but this approach is only recommended for those who don’t have many assets to split. It is not recommended for a complex case.

Whether you are getting divorced or thinking about it, make sure you know what is involved. Be sure the timing is right, and that you are mentally and financially prepared not just for the process but also for your life afterward.

Key Learning Points:

• The cost of divorce can vary depending on your state and the type of divorce.
• The five types of divorce are litigation, mediation, arbitration, collaboration, and DIY.
• Litigation is the most common but expensive one.
• The average divorce in the U.S. usually costs from $15,000 to $30,000.
• Be sure you are mentally and financially prepared.

Thank you for listening to the Divorce and Your Money Shawn. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also author of Divorce and Your Money: The No-Nonsense Guide. One-on-one divorce coaching services are available at www.divorceandyourmoney.com.

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