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Divorce can be costly, but it could be more costly not to divorce

by | Mar 4, 2020 | Divorce

A couple who is ending a marriage has many things to think about and one of those concerns finances. Divorce in New Jersey can often mean a significant financial outlay. In fact, the average cost for divorce in the United States is about $15,000 per person, but in some cases can be a lot higher due to several factors, including whether children are involved, where a couple lives, the value of their assets and whether the divorce is a contentious one. 

There is no cookie-cutter cost for divorce or separation and much depends on a couple’s individual circumstances. However, a recent survey brought to light some interesting facts regarding the cost of divorce. When figuring the financial cost of divorce, a couple must take into consideration fees for attorneys, the amount it costs to file in court, any mediation fees, costs for parent education classes and even costs for things like counseling or psychiatric evaluations if necessary. 

A couple could expect to up the ante if they own property jointly. An uncontested divorce is easier on the pocketbook, but one that is contested could cost thousands. The less time it takes for a divorce to go through, the less difficult it will be financially.

New Jersey residents facing divorce might do well to think about having a team of experts to help them through the process. These experts should definitely include an attorney and might also include a financial adviser. It is true that divorce can be costly, but staying in a marriage that is unhappy for both people and perhaps their children, is often more costly.