How to Reduce the Cost of Divorce: Weighing Your Options
All of life’s biggest personal changes - birth, marriage, retirement - come with an unavoidable dose of logistics. Divorce is no exception, and perhaps the biggest logistical question centers on money. Especially in an expensive city like New York, divorce presents a financial crisis.
If you’re in the beginning stages of divorce, you may be wondering - how much is this going to cost me? Can I afford it? If you’re part way through a divorce, you may see costs accumulating and feel helpless to stop it.
Take a deep breath and know that at any point, you still have options. Read on to compare and contrast the three main ways to get divorced that have drastically different financial costs.
Lawyer-led divorce cost
The most common and expensive method of divorce is a lawyer-led divorce. This involves each partner hiring a lawyer to advocate for their own needs. Divorce lawyers often require a retainer upfront to procure their services, and then charge an hourly fee that averages around $340 per hour in New York City.
Keep in mind that the vast majority of lawyer-led divorces settle out of court. While this is often preferable to appearing before a judge, it also means that you spend a lot of money upfront only to reach an agreement with your spouse outside of court anyway.
If you do end up in court, you will pay a daily in-court fee of $120 in New York state. The legal system also moves notoriously slow, so you may be paying lawyer fees for around two years before all is said and done.
With all of these factors in play, the average lawyer-led divorce in New York City costs anywhere from $12,000 to $25,000 per person. In some cases, the number can double if there are lengthy fights over custody or assets.
Do-It-Yourself divorce cost
If that number gives you sticker shock, you may be tempted to throw in the towel with the legal system and just do it yourself. This is an appealing option, as filing fees across the United States are generally under $500.
There are online services you can purchase to help you file the appropriate paperwork. But it’s important to realize that a DIY divorce is drawn up entirely by yourself and your spouse. It takes an immense amount of time and covers topics with profound effects. In saving thousands of dollars, are you actually selling yourself short when it comes to asset division or child custody? Few choose this road, but if you’re interested, check out our article that explains the process.
Divorce mediation cost
Luckily, there is a third option that provides professional support yet is drastically more affordable than a lawyer-led divorce. That option is divorce mediation.
A professional divorce mediator is a neutral third party who facilitates discussion between you and your spouse. They do not influence decisions or advocate for either party. Instead, they are a guide as you and your partner decide how to divorce in a manner that works for both of you.
Mediators typically have reference lists of other professionals who can be called in to assist if needed. This may include accountants, financial advisors, mediation-friendly lawyers, and child psychologists. No matter your path, these consultants help ensure you’re making empowered decisions for your future.
An added bonus of working with a mediator is that you are in the driver’s seat. Within our practice here at Haas Mediation, you only pay for what you need. If you work out your settlement within just a couple sessions, that’s all you will pay for. If you need to add on another professional, you simply pay for that cost without the red tape of the court system delaying answers and driving up costs.
All told, mediation typically costs between $4,000 and $8,000 in the state of New York. Additional benefits include developing better communication skills with your spouse, booking sessions around your own schedule, protecting the emotional well-being of your children if you have them, and getting your divorce filed in three to six months instead of two or more years.
At Haas Mediation, we are here to guide you through the next steps of your divorce. Schedule a free 15-minute phone call today to learn more.
Interested in learning more?
- Andrew Haas, Founder & Principal Mediator
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