Filing for divorce is both emotionally and financially stressful for both people. Even if your divorce is fairly amicable, the cost of divorce can still be overwhelming. It’s important to understand the financial impact for both spouses, as both will have a financial responsibility when filing for divorce in Ohio.
The cost of filing for divorce is usually several thousand dollars, and the more complex or contentious the divorce is, the higher the cost. The cost of filing for divorce usually includes:
In Ohio, you can assume that you will pay for your own costs (such as attorney’s fees and any other associated fees) and your spouse will pay their own costs. When it comes to the shared costs, such as filing fees, court ordered mediation, family therapy, document fees, and court reporter fees, there are several possibilities.
If one spouse is more financially able to cover the cost of the divorce, the court may order that spouse to pay some or all of the legal fees associated with filing for divorce. If one partner is the primary breadwinner and the other spouse is not working, the working spouse may be ordered to pay for both attorney fees. Your attorney can look at your specific situation and let you know what to expect. In general, however, it’s smart to assume that you will be responsible for your own attorney fees at the very least.
A divorce can be costly and can have a long-term financial impact. In addition to the expense, you will be separating all finances and setting up two households. In order to financially prepare for a divorce, there are a few things you can do.
In many marriages, one spouse tends to manage the finances. If you were not the money-manager, make sure you understand all your finances. Take stock of all your assets, debts, and monthly expenses. Make sure you know whose name is on every account – every loan, every bank account, every title. Even if you do handle a good portion of the finances, divorce can make everything more complex. Meeting with a financial advisor before filing for divorce is a smart move.
Before filing for divorce, start saving to cover the attorney fees. Save as much as you can and try to cut expenses.
Divorce will mean that you are essentially starting over. Your current standard of living will change in some ways. Prioritize what is most important to you and choose your battles based on those priorities.
If you and your spouse can work together through the process, the costs will often be much lower and your finances will remain more intact. While emotions will play a big role in the divorce proceedings, try to look at the big picture and cooperate as much as possible.
The financial impact of a divorce can be significant. Taking the steps to understand the process of filing for divorce and all the associated costs can help you better prepare for the road ahead. If you’re thinking about filing for divorce or you are in the middle of the process and need advice on your next steps, contact my office today.