Beware Of the Cost Involved In a Divorce

Divorce is a large sized business in the US. The industry has around $28 billion turnovers a year having an average cost of $20,000. So, when you decide to file a petition, you should be mentally prepared that the entire process can add up to a lot of costs. The all total cost of getting a divorce in the US varies from one state to another. However, the estimated value is somewhere between 10,000 and 20,000 dollars. In the US, it has been observed that most of the couples who are planning to undergo a divorce are not at all aware of the cost involved in the entire proceeding.

The expected cost

In Minnesota, when you take into account the cost of divorce, the contested divorce is far more expensive than the uncontested one. In an uncontested divorce, the spouses develop a spirit of cooperation and accordingly plan for the debts and asset allocation. Though there arise some disagreements, with the help of a mediator it can be to some extent taken forward smoothly. It is emotionally less taxing and thus helpful when kids are involved. An uncontested divorce is also not very lengthy. When people plan a separation, with the help of a family lawyer, it can usually be settled by agreement. It is one of the most common forms of divorce that you will come across nowadays.

When we talk of contested divorces, there are a lot of costs involved, and thus no general estimation can be made. The charges typically involved are court costs, the fees of the lawyer, mediation cost, parent education cost and asset evaluation cost. Some of these costs might be negotiable, but the rest varies from state to state.

The rate of divorce

When first, second and third marriage breakups are compared in the US, the rate of divorce shows a significant difference. For the first marriages, the breakup rate is usually between 41 and 50%, for second marriages it increases to 60 to 70% and shockingly for the third marriages it even goes up to 73 to 74%. The studies also say that the breakup rate in couples having children is comparatively less than couples without children. The reason behind is being childless is one of the triggering factors of divorce in the US. Also, children whose parents were divorced are four times prone to opt for a divorce than children of couples who are together.

The financial effects after a divorce

Whenever things get out of control between the two of you, and you think of separation, the very first thing that you should consider is the cost of divorce. The average price of divorce in the US is about $15,000. Families face about a 50% drop in their income after undergoing a divorce which moves them to poverty. About 27% of the divorced women and 17% of the divorced men have an annual income of less than $25,000. 60% of this lot who has to live under the poverty line are divorced women with children.

Post Author: Kaylyn Vagor