Ending a marriage is a complicated matter and can be time-consuming and involve significant emotional and financial commitments. Since divorce is often the culmination of marital distress over a period of time, the loss of time and emotional struggles may not seem like too much to deal with. However, during a high asset divorce, the financial side of things can quickly feel overwhelming.
A recent Bankrate survey concluded that divorce costs the average person approximately $15,000. Since this is an average, some people in California pay much less while others have to shell out much more. Factors such as location, complex assets and whether a couple has children can all influence how much a person might end up spending. Most people should expect to pay for things like court costs, filing fees or even mediation fees.
Divorces that involve complex assets usually require input from financial experts, such as accountants and other financial professionals. It is important for individuals to understand their current financial situations as well as future needs. While seeking advice from a financial professional can affect the overall cost of a divorce, it can actually be a cost-saving measure. Without the right perspective and understanding on a financial situation, a person may end up making less-than-ideal decisions during divorce.
Like with professional advisors, other costs related to divorce may also be less obvious. For example, fees for loan applications, title searches, home inspections, home surveys and more are all common when dealing with the marital home. When dealing with child custody matters, parents may be required to attend parenting education classes or to undergo therapy, both of which come with price tags. These seemingly insignificant costs can quickly add up, so it is best to keep track of all divorce expenses and not just the large ones.
The cost of a high asset divorce may feel off-putting at first. However, the financial implications of a divorce will not disappear over the years, and a person who is unhappy and ready to end his or her marriage might find that it is better to deal with divorce sooner rather than later. As time goes on, marital assets can become increasingly complicated and more difficult to divide. Speaking with an experienced California attorney may help address any feelings of unease on this matter.