What unexpected financial costs are there in a divorce?

It is no secret that divorces can be expensive. There are lots of costs that need to be considered both during and after the process in order to accurately budget.

When thinking about divorce, many people only consider the legal fees involved in hiring a solicitor, however, there are other costs that only come into effect when the divorce is complete.

How much does a divorce cost?

No matter how civil divorce proceedings go, costs will be incurred for both parties involved. To ensure all legalities are handled correctly, solicitors are typically required.

Many lawyers charge on a time basis, meaning the more complex and lengthier a divorce is, the more costly it becomes. On top of solicitor fees, there is also the matter of the financial settlement cost and court fees to take into account.

For some people, it is possible to receive support for legal aid in order to cover some of these costs.

Childcare / Maintenance

Even if you manage to reach an amicable agreement on child custody, there may still be instances where neither parent is able to care for the child at a certain time. For example, if work schedules clash or during school holidays. As a result, additional childcare costs should be factored into the cost of a divorce.

For more complex divorces where childcare schedules and custody cannot be agreed upon, a family solicitor can help to come to an agreement that will work for both parties and all children involved.

Court fees

While some people can settle their divorce without much legal intervention, for divorces that involve lots of conflict and disagreement, settling the matter in court may be the only possible option. Unfortunately, while this may be the best option in order to get the divorce finalised, doing so can cause costs to rack up.

Cases that end up in court typically cost thousands more than those that don’t, hence why it is always advised to try and settle out of court when possible.

Housing

The majority of divorces also come with a change in living situations. It is important to consider if anyone will be continuing to live in the previously shared home, or if one or both parties will be looking for new accommodation.

If there is an existing joint mortgage, it should be researched as to whether it is more cost-effective for one party to buy the other out, rather than seeking a new mortgage. No matter what decision is made regarding housing arrangements, there are associated costs that need to be taken into account. This could be the cost of paying a full mortgage or temporary rental costs.