Unpacking the hidden costs of divorce and how to prepare for them

On Feb 27, 2023

Photo by Image Source via Getty Images

Love may not cost a thing, but divorce can come with a hefty price tag.

Most people considering divorce go in with the understanding that it’s going to come with a cost, but many — particularly those pursuing a contested divorce — can experience massive sticker shock when those costs begin to add up during the process.

The majority of these fees simply can’t be avoided, but understanding what to expect can help you better plan for the process. Attorney fees and court fees are a given and can run anywhere from $5,000 to $50,000-plus, depending on factors such as geographic location (divorce is generally more expensive on the coasts), whether the divorce is highly contested, the complexity of the issues, how much litigation is involved and more.

In addition to the standard fees, even the most amicable divorces tend to accumulate some add-ons. Below are some of the common-but-unexpected costs you may encounter.

Review your divorce landscape

Scenarios like these add more than emotional tension to the situation and can take extra resources to resolve. Expert witnesses, forensic accountants and psychological evaluations are all investments that may add value to your case and more, but the costs can add up, so surveying your unique landscape will help prepare you for what resources will be necessary to chart a path to the other side.

Uncovering potential hidden costs can begin with surveying the landscape of your divorce — determine who the players are, what the climate is, and who you may need to help guide the journey in addition to your attorneys.

Here’s why millennial prenups are on the rise

The way in which you and your soon-to-be-ex approach your divorce will have a big impact on the final price tag. Mediation and other alternative dispute resolution strategies can save money, but they may also require compromise you aren’t necessarily considering. If you decide that bridging the divide on major financial and custodial issues isn’t possible without litigation, additional expenditures will likely arise.

If your divorce is contested or your partner isn’t cooperative, it’s important to prepare your financial mindset accordingly. Is your spouse the type to hide money or assets? Budget for some forensic accounting. Special subpoenas may be needed to ensure that bank statements and business documents, such as profit-loss statements, along with other important financial documents, are available and accounted for.

When it comes to children, if you and your spouse share similar expectations for custody, the matter can be straightforward to resolve. But if you’re not on the same page, or there are additional issues such as allegations of domestic violence involved, the services of custody experts and other evaluations may be called for.

The literal cost…