If you’re not prepared, a divorce will cost you more than you expect. With over 50 percent of the marriages in the U.S. ending in divorce, chances are good that you or someone you know will need to shell out for one at some point.
Other expert fees – such as paying for discovery professionals to sort through documents, special couriers to transport letters, etc.
Notice that attorney fees are charged on an hourly basis. This hourly charge means that the longer your divorce drags on, the more it will cost. For reference, the average divorce takes between 4-11 months without a trial, and over a year with a trial.
On average, decent Maryland lawyers charge a minimum of $260 per hour. The fee is largely due to the more expensive metropolitan areas where lawyers tend to keep their offices. (Consider the cost of living around Annapolis, Bethesda, or Baltimore.)
All things considered, divorces can cost you a year’s worth of college tuition. Make sure you’re doing all you can to keep the price down!
At the bare minimum, you’ll need to pay the court just to file for divorce. In Maryland, the filing fee is about $215, depending on the county you’re filing in.
Most lawyers include this fee in their initial retainer – the first deposit of money you make toward your divorce so lawyers can start working. So, don’t worry that you might end up paying for filing twice. They’ll take care of the paperwork for you.
Divorce Expense #2: The Cost of Negotiations & Contested Divorces
Divorcing couples often can’t agree on fundamental issues such as child custody, alimony, or division of assets. These disputes become expensive due to the time your lawyer must spend on depositions – questions another party must answer – and collecting documents needed to support your side of the case.
Fault divorces tend to be more costly than no-fault, simply due to the nature of the split. An at-fault filing usually means that the marriage didn’t end of natural causes – e.g., infidelity or abuse.
Divorces like these tend to be less amicable. The accuser may feel entitled to more than half of the assets, whether out of recompense or revenge. Usually, that demand is a tough pill for the other party to swallow.
As a result, we don’t recommend trying to do an at-fault divorce on your own. We feel attorneys are definitely necessary for this one.
Divorce Expense #4: Minor Children
Divorce costs also go up if there are children involved – again, due to the complexity of the needed discussions. Visitation, custody, and child support all need to be decided before a divorce can be final.
If necessary, your lawyer may suggest hiring a child custody expert to shore up your case and make sure your child is okay throughout the process. That hire will also, of course, cost money.
How to Lower Your Divorce Costs
To lower your total divorce costs, you’ll need to hire a attorney and move as quickly and smoothly as possible.
No assets or bank accounts are shared, even apartment leases
No children are involved, and especially not children under age 18
Even if you think you hit most or all of these points, it is very rare for a divorcing couple to agree on everything. In cases like this, it is best to just leave it to a divorce attorney. Retaining an attorney may cost more upfront, but it should save you thousands in the long run.
How Hiring an Expensive Divorce Attorney Saves You Money
For example, a sneaky way that separations become more expensive is if the wrong type of couple is using mediation. Couples who agree on most things can – and should! – employ a neutral third party to oversee their divorce.
Mediators can either charge per hour or per session. Either way, the more you rack up meetings without conclusions, the more costly it’ll be. And, if you forget something, you’ll need yet another session – which means it pays to retain a lawyer to pay attention to the details.
Hiring a lawyer doesn’t need to be extremely expensive, either. Remember, lawyers bill for time. If you and your partner can decide outside of court what is best for both of you, you’ll avoid unnecessary trial lawyer fees. Maybe you can agree on most things, and then go to a lawyer or mediator for one or two disputes. It’s not an “all or nothing” strategy!