For some California couples, money may feel like a significant barrier to divorce. This does not always mean that a couple cannot afford to divorce, and indeed may even mean the exact opposite. In a high asset divorce, dividing complex assets and determining alimony payments can be daunting. Here are a few ways to approach the associated financial concerns of going through a divorce.
No matter how well a person has thought about the future, divorce can disrupt even the most carefully laid plans. Couples who end up in court generally have to pay litigation fees that, over time, can quickly add up. Mediation is a more cost-effective approach that gives both parties more of a say in the final settlement. Still, there are mediation fees to consider.
The marital home can also be a source of added fees that grow the overall cost of divorce. Whether a couple plans to sell the home or have one person buy out the other person’s equity, knowing the property’s value is essential. Fees to have the home appraised, for loan applications, home inspections and more can quickly add up. Even if both parties are in total agreement as to what they should do with the home, getting all the details right is sometimes a costly endeavor.
There are many other costs associated with a high asset divorce, including things like alimony and dividing other types of complex property. With so much on the line, it is understandable that some people might feel worried about moving forward with divorce. However, California residents who choose to speak with experienced attorneys may be better equipped to find agreeable solutions to financially complicated divorces.