For couples who want to split up, the cost of divorce is quite a big factor to consider. In some cases, couples will agree to separate but not go ahead with the divorce, believing that they simply cannot afford it and perceive the costs to be high. There is also an element of fear that they could be left with nothing and will struggle and the fear of paying solicitors' fees.
There is no hard and fast rule for divorce costs. The attitudes of the parties involved and the complexity of their financial affairs are factors. However, if both parties are agreeing to divorce amicably and are able ti work out a fair financial settlement with each other, this will save both parties time and money.
In situations where the parties deliberately try to conceal their assets or income, understate the value of their assets or won’t agree about the value of anything or who gets what, then this could lead to increased costs and this means solicitor fees . A lot of couples naturally break away from their partner during the divorce process and seek individual solicitors. However, this leads to an attitude of effectively ‘preparing for battle’, where each party focuses on achieving more than their partner. It is not until they are told by a judge what their total costs will be and how much it will cost for them to go to a final hearing that reality dawns on them. Many refer to this moment as the golden gate theory, where the reality of a judge deciding the financial fate of the parties, in fact makes the parties agree between themselves.
It’s best to be realistic in this situation about the cost of divorce. Work out with your partner the best way of resolving things amicably, ideally so you can split your assets 50/50 and have a fair financial settlement. Perhaps it may be 60/40, 55/45, 65/35. It’s about what is fair to you both, not anyone else. You can never compare with what the lady next door or the man in the pub tells you about their divorce settlement. This is because the chances are, their finances were not identical to yours. It is irrespective of whose fault the divorce is and how the cost of divorce will be funded during the proceedings. Both parties’ costs will be considerably reduced by the total value of the assets and wealth you have both gathered during the marriage.
Divorce is no longer about who the breadwinner or homemaker is
It is about equal sharing, in the same way, you both agreed to get married in the first place. Getting your finances together can be difficult but there are a number of sources to consider. For example, assess your cash savings, regular income, loans from the bank or friends, credit cards, and your mortgage. Your Divorce Coach can help you organise your financial affairs budget as well as help both you and your partner manage the divorce process.
Contact Your Divorce Coach if you require help with your divorce or separation process.