What Financial Considerations Exist with Different Types of Divorce?
The more time your attorney spends on your divorce case, the higher your fees will be. Labor equals expense, which only makes sense. Litigation takes a lot of time and can last up to several years in court. It is also very adversarial and emotionally draining. In divorces that involve substantial and complex finances, litigation may be necessary for spouses to leave the marriage with their fair share.
However, average Americans are wise to ask themselves whether they can afford a drawn out divorce full of hostile litigation. If the emotional stress doesn't turn you away from litigation, knowing the costs may.
According to lexisOne, a study done by Boston Law Collaborative examined 199 of its divorce cases to determine costs. It found that full-blown litigation had a median expense of $77,746. By comparison, figures for mediation were $6,600. Collaborative divorce ran $19,723 and lawyer-negotiated settlements were $26,830. Granted, costs may not be the same in Pennsylvania, but these comparisons provide an idea of what to expect.
It's clear that couples who are able to reach a settlement, whether through mediation, collaborative law or negotiations save anywhere from three to more than 11 times the expense of litigation. Of course, divorce is not just about the money and that may mean the difference between choosing collaborative law over mediation. Through collaborative law, you can consult with professionals such as financial advisers or marriage counselors to tailor resolutions that meet your divorce needs. Peace of mind and reaching a settlement you can live with also have their value.
By working with an experienced divorce lawyer who is sensitive to your needs, you can weigh all factors and figure out which approach is the best way to deal with your divorce. Choose a law firm that cares about clients and works closely with you to help you achieve your objectives.