The process of legally separating from your spouse can be very expensive. One of the main concerns we hear each month in our divorce workshop is about the cost. After all, you’ve got regular bills to pay and must now figure out a budget on one income going forward.
You’ve seen ads for “low-cost divorce: only $199,” but as you might guess, you’re probably going to pay more than that. If you and your partner own no property, have no children, and have already agreed how to split everything or signed a prenup, you might be able to divorce for that cost.
Common Divorce Costs
Otherwise, here is a list of items you might pay for during divorce and some average costs.
- Fee – Filing an Absolute Divorce action in North Carolina costs $75, but that’s only a court fee.
- Lawyer – Divorce lawyers charge anywhere from $100 to $400 per hour. You may find one working for lower or higher than that number, but many people report paying $250 per hour.
- Accountant – You may need to hire an accountant or a certified divorce financial analyst to help prepare financial statements or to help you figure out a post-divorce budget. Accountant fees range from $125 to $350 per hour with most landing somewhere around $250.
- Mediation (if applicable) – $2,000 to $5,000 or more per day.
- Therapist – Like lawyers and accountants, you’ll find a range of hourly rates. You might also look into group therapy or require family therapy sessions with your children. Expect $75 to $150 per hour.
- Refinancing (of home) – Refinancing your home may lower your overall payment, but doing so comes with several costs [1], including surveys, inspection, the recording fees, and attorney fees. Expect to pay $2,000 to $5,000.
- Moving – You might be moving somewhere new, possibly renting to start. Make sure to set aside some money for the deposit on an apartment along with other moving costs, such as boxes and a crew to help. Plus, you’re now adding utilities and maybe a new cell phone in your name, so you may need to pay deposits on those to get set up.
Your divorce may require much more: a private investigator, for example, or a forensic accountant if your spouse is hiding assets.
And as you can see, the true cost depends on how long your divorce takes — or really, how many hours you pay people to spend working on it. We talked before about how to make your divorce more expensive [2]. Basically, the longer it takes, and the less your partner and you can agree on in advance, the more it costs.
As many have pointed out, you can spend as much — or more — on a divorce as you did on the wedding. To learn more about how to divorce as quickly (and inexpensively) as possible, visit our monthly divorce workshop. Register now [3] for the next event.