What makes divorce so expensive?

Many parents and children alike are dramatically affected by a divorce in the family.
In fact, according to the American Psychological Association, about 40 to 50 percent of all married couples will end their relationship in divorce. While this number might sound staggering, it pales in comparison to the amount of money it can cost to finalize a divorce.

Bankrate explains that while the average cost of a divorce is about $15,000, that price can vary dramatically depending on the assets involved and how disputed the process becomes. If both parties can’t agree to divide their assets, bills can add up quickly for attorney fees, court costs, expert evaluations and assessments, and more.

Hourly attorney fees can be anywhere from $100 to $400 per hour and this will include time spent working the case, talking on the phone, and traveling to the courthouse, according to lawyers.com.  These financial costs will also exist alongside the emotional costs as custody of the children must be handled as well.

Depending on the situation, divorces can be handled much less expensively, and it pays to do some homework before the process gets started. In an ideal situation, both parties will be reasonable and able to act in the best interest of the children and the family rather than themselves.  Although avoiding the court costs is impossible, The Penny Hoarder recommends using a mediator or collaborative lawyer to escape exorbitant attorney fees. Both of these methods will rely on cooperation to succeed.

A divorce can include many variables and complications, so it pays to remember a few often overlooked aspects of the separation. U.S. News recommends trying to split the assets as fairly as possible and to consider selling the house before the divorce takes place.

Often, the person left with the house will consider it a victory until the mortgage payments and maintenance costs show up. If the house was purchased with two incomes, it would likely need two to support it. Selling the house allows both parties to split the cash and avoid a headache.

Speaking of single incomes, it is also important to remember not to try to keep the same level of spending that existed pre-divorce. Buying oneself or the children expensive gifts isn’t going to help with the emotional stress of the divorce.