Divorce is never an easy situation, especially when children are involved. It’s important to never make this decision lightly or too quickly, but sometimes it’s inevitable. If you’re facing a divorce, there’s a lot to considering, including who will provide care for the children and how custody and assets will be divided. However, this isn’t the only concern. You also need to think about how much the divorce will cost you. Many people are unaware of just how much a divorce costs and what factors play a role in those costs. Every divorce case is different, which means the costs will vary, but Arizona has a set of general guidelines to help individuals and couples get an idea of how much they will pay.
High Net Worth Contested Divorces
It’s not uncommon to disagree when it comes to divorce. However, if you are in a highly contested divorce with a high net worth, these costs will be higher than other divorces. Attorneys for these cases must use an extensive discovery process to make sure all assets and incomes are disclosed properly and there is often a prolonged period of litigation that takes place. In these situations, legal fees can easily reach between $50,000 and $100,000. Because there is a lot of money involved, one or both parties may be more aggressive in their efforts to protect their rights and fight for what they feel is rightfully theirs. Fortunately, high net worth cases are few and far between. Most cases involve a much lower level of assets and some of the other factors that can lead to an expensive divorce process. In addition, if both parties are able to agree, even in these situations, the costs can often be far less than $50,000.
Significant Assets, Income and Children
Divorces that don’t involve children and have only modest assets are often far less expensive than divorces where there are children or greater assets. Most cases involve a modest retirement fund, a house and a couple of cars. In these situations, individuals may only pay between $7,500 and $20,000 each to complete the case. Keep in mind, even if children are involved, the costs can fall within this range in the right circumstances.
The type of divorce you must file often relies on the amount of money each spouse earns, as well as projected earnings in the future. These amounts are often used to determine how much spousal support will be paid, if any, and how marital assets should be divided. For most couples, assets are divided evenly, but each situation varies and some assets may be split in other ways. In some situations, the marital home is ordered sold or other holdings must be liquidated. It’s important for both parties to secure their own lawyer to ensure their best interests are considered and their rights are protected.
Divorces that cost the least amount of money are those that are uncontested and involve minimal assets. These are easier to resolve. Uncontested divorces usually mean both parties want it over with quickly and easily, especially when there are few assets. When there are few children, it’s easier for attorneys to work out an agreeable custody arrangement between the two parties that offers as much equality as possible.
The Best Scenario
When you consider the best possible scenario for your divorce, the legal fees and other associated costs can fall between $3,500 and $7,500. However, if one or both spouses chooses to fight for a higher percentage of assets or anything else outside the standard, these costs are more likely to rise. On the other hand, if no one is contesting the divorce or any aspect of it, the cost can sometimes be less than $3,500 for each party.
In order to minimize conflicts and ensure your rights are protected in a divorce, it’s important to hire an attorney. Even if the divorce is uncontested and there are minimal assets to split, having an attorney look over the paperwork and give you advice can be well worth the cost, giving you peace of mind you are getting what you deserve. Contact us today for your consultation to get your case started.