Brooklyn, NY – One of the most annoying aspects of a divorce is the cost associated with both the procedure of getting the divorce finalized, as well as any payments that will be owed afterwards. While divorce costs are highly variable, there are certain fees and costs that cannot be avoided. There is also great variability in payments for children or spousal support.
The cost of the divorce itself
Things like attorney’s fees and court costs will be a part of any divorce. However, these costs can vary greatly based on things like the length of the marriage, the number of children involved, the amount of property and assets the couple holds together, and whether alimony will be awarded. A couple who was only married for a few years and agrees to a divorce settlement will generally have a cheaper and quicker divorce than a couple that was married for decades and has property disputes.
Divorce costs for filing and paying for legal help also vary significantly by state. Because New York is a state with a relatively high cost of living, divorces in the jurisdiction tend to cost more than in many other parts of the country.
Post divorce payments
If one spouse owes child support, alimony, or both types of payments to their former partner, this can become a huge expense. Child support must be paid on time until each child reaches adulthood or finishes high school. Alimony can also last a long time if the marriage lasted for decades. While there are many different factors that go into deciding the amount of these payments, high income couples will tend to owe more if the marriage ends.
Splitting wealth between couples
There is a common problem for high net worth individuals where the other spouse may receive a large part of their fortune if they were together long enough. Some prominent business people, professional athletes, and celebrities have owed millions to their partner as part of the agreement to dissolve the marriage.
Advice from a family attorney
Each spouse will need to get their own lawyer and disclose things such as income, property, investments, and shared bank accounts between the couple. Some of the costs associated with divorces can be mitigated if the couple is able to agree on what they each will receive and start the process to draft and execute a divorce settlement. Lawyers who are skilled negotiators can help with this process even if there is some disagreement. Divorce mediation is also another similar practice that is becoming more common to end marriages quickly.
Elliot Green Law Offices is available to help clients in the Brooklyn area with all of these issues and other family law problems. Local individuals can contact the firm to learn more.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201