Divorce is an emotional and stressful experience. Not only are there a variety of legal issues that arise, but there are also countless expenses to account for. As such, what are some of the typical expenses of a divorce?
First, some of the most significant expenses associated with a divorce are the legal fees of the divorce attorney that you decide to hire. However, these fees are not all the same. Different divorce attorneys come with different fee structures. These could range from a flat fee all the way to a retainer and an hourly billable rate. However, almost all divorce attorneys require a paid initial consultation to hear about the facts of your divorce. This is done in order to conserve the attorney’s time and to weed out the people who are just curious about getting a divorce from those people that are serious and intend on actually following through with a divorce.
Net Worth / Assets
Getting a divorce will also substantially affect your net worth and/or assets that you own. In North Carolina, there is a general presumption that a divorcing couple will evenly distribute their assets. However, this is not always the case. Typically, couples will attempt to craft their own settlement agreements to distribute their assets in order to avoid the unpredictable actions of a divorce judge. As such, one spouse may wind up with more or less then the other spouse depending on the facts and circumstances of the settlement negotiations or ruling. As such, your personal net worth and/or assets may take a substantial hit.
Alimony / Spousal Support
Additionally, in certain situations, one spouse may have to provide the other spouse with alimony and/or spousal support. Generally, these two types of support are ordered by a court when one spouse is financially dependent on the other. In that situation, the other spouse will be required to provide financial support in order to help the other spouse survive and maintain an adequate lifestyle.
Divorces also entail a variety of court costs. Generally, for every document filed or submitted to the court, there is an associated fee. Additionally, if a divorce is contested, the court may require one or both of the spouses to cover the expenses the court incurs in legally deciding the case.
In some situations, a divorcing couple may want to avoid a court battle and instead, go through mediation in order to find an amicable solution to their divorce. Although mediations are typically a positive alternative then a messy legal battle, mediations and mediators are not free. Typically, the divorcing couple will have to pay the mediator’s fees and expenses for the entirety of the mediation.
Divorces also tend to generate an assortment of miscellaneous fees that aren’t easy to predict. These fees could be anything from expert witness fees to depositions of potential witnesses or parties.
Contact Us at Minick Law, P.C., to set up a personalized consultation with one of our experienced Divorce lawyers. After speaking with us, you will have a better understanding of your legal standing, and be able to make the best informed decision about what is right for you.
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