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Why are Divorces so Expensive?

Once you decide to get a divorce, it’s normal to start worrying about the financial ramifications of the decision to part ways with your spouse. Marriage is considered by many money managers to be one of the best paths to wealth accumulation. So, if a marriage brings money, it’s not unreasonable to assume divorce is associated with the loss of wealth. In marriage, it’s common for two earners to pool their resources to invest in expensive items like houses, stocks, and other investment instruments. So, when there’s a divorce, these assets must be split, or in some cases, liquidated to pay off joint debt.

When the financial health of recently divorced couples was researched, it showed that divorced individuals, on average, needed a 30% increase in their annual income to reach their pre-divorce standard of living. The same research also showed that women were less likely to have good financial outcomes than their male counterparts. The standard of living for the average divorced man dropped anywhere from 10-40% in the first year, depending on child support, alimony, or other divorce expenses.

5 Divorce Expenses You Probably Haven’t Thought Of

It’s no secret that a divorce can be more expensive than marriage. Usually, a marriage license can be obtained for far less than $125 in most states, but the average divorce costs nearly $13,500. There are many factors impacting the cost of a divorce, but for most couples, the entire process from beginning to end is stressful and expensive. In addition to the normal issues that cause a divorce to be expensive, there are some hidden costs to divorce that many people don’t think about until they are living through the process.

  • Divorce Associated Professionals: Depending on the details of your divorce, you could need a wide range of other professionals like therapists, accountants, and investigators. Some divorce attorneys and legal firms have standing arrangements or professionals on staff to absorb some of these costs, but they can add up quickly.
  • Establishing a Household: Once a couple decides to divorce, it’s common for one or both parties to move out of the family home. Sometimes the family home must be sold because it’s too expensive for a single earner, but most often, one person leaves to establish a new household, which will add expenses to the budget.
  • Refinancing or selling a home: If the family home needs to be refinanced or sold, those processes can be expensive, depending on the cost of the home. With realtor fees and closing costs, it can cost as much as $25,000 to sell a home and $5000 to refinance.
  • Transfers: When you divorce, things that were handled together become individual responsibilities. If you co-owned a car or shared health insurance, cell phone plans, or gym memberships, it’s time to create individual accounts and pay for those items separately.
  • Court Fees: The court fees to be granted a divorce in Florida can range depending on the county, and in Miami-Dade, court fees for a divorce will cost you $409. There can be additional fees attached to other services, like filing a motion, administrative fees, or processing fees. If you have a large divorce with heavy litigation, your court fees can climb before you realize how much you’ve spent.

Personalized Divorce Legal Services

At Beatriz Zyne Law Office, we understand the importance of preserving your financial health during a divorce. Ending your marriage is hard enough, so when we help you navigate the divorce process, we help you avoid costly pitfalls. Call us now at (305) 876-6138 to schedule a consultation for our divorce team to review the details of your case.