A divorce is a life-changing and ultimately very difficult experience for anyone to go through. More often than not, the main cause for stress or hostility comes down to money. There’s a lot of different aspects to consider when it comes to divorce finances, so it’s essential to make sure that, when the dust settles, you’re able to support yourself.
During the course of a marriage, you and your former partner will have accumulated a wide range of assets, whether it’s in the form of funds, property, or even a business. Every divorce is different, so sometimes the division of assets is a quick and easy process, whereas in other cases it can be a drawn-out affair in court. Either way, it’s a good idea to prepare yourself for the potential cost of a divorce.
On this page, you’ll find a guide to divorce finances, in which we cover the various costs of the divorce process and how it differs when partners agree or disagree.
A Top Divorce Lawyer is a Smart Investment
The prospect of divorce is very daunting for many reasons, but the aspect people often have the most difficulty accepting and dealing with is how it affects them financially. One thing we tend to be most concerned about is legal expenses, but hiring a high-quality family lawyer should always be your first step. Granted, this will cost you money, and you may be eager to limit your spending and deal with the matter yourself. But, quite simply, the services of a competent divorce solicitor give you a much better chance of a financially stable future.
Here at KMJ Solicitors, we understand that divorce finances can weigh heavily on the mind of those involved. This is why our first step is to provide potential clients with a FREE no-obligation consultation, in which we’ll listen to everything you have to say and establish which services would benefit you the most. Doing so will ensure that you get everything you need from us as your family lawyer, and ensure that you aren’t paying for services you don’t need.
During the divorce process, we provide clients with regular updates regarding costs of services being carried out. This not only keeps you up to date with everything going on with your case; it also prevents any nasty financial surprises when your divorce is finalised.
If Divorce Terms are Agreed
If both partners agree to the terms of a divorce, it’s naturally going to be a much quicker and simpler situation. It also will prove to be highly beneficial in regards to divorce finances as well. This will avoid the hassle and additional costs of court hearings, and is often finalised with the use of a fair financial settlement for each partner.
Prenuptial agreements are also a simple way for couples to establish who is entitled to what if their marriage breaks down. Although they aren’t technically legally binding, it provides a blueprint for how assets should be divided and still has a strong influence over a court’s decision.
Whether you agree or disagree, you will have to pay a court filing fee of £550, which also covers your decree absolute application. The crucial benefit of agreeing to the terms of a divorce, or not defending it, is that you won’t have to pay to file the additional paperwork that goes with it — as well as require additional time and services from your family lawyer.
If the Individuals Divorcing Disagree
For many people, a divorce is one of the most stressful and emotionally draining experiences of their life. While some former couples manage to agree on divorce terms for the sake of their future as individuals or for their children, many people disagree and prefer to let the courts decide.
In this instance, there’s more to consider in regards to divorce finances. Along with the court filing fee to start divorce proceedings, there’s an additional court fee if you want to oppose (disagree with the reason for divorce), and there’s also the cost of a mediator if you are finding it difficult to agree between yourselves.
A lengthier divorce process also means you’ll require more from a divorce lawyer, whether it’s court hearings, paperwork, or additional services. While this will indeed cost more at the time, the knowledge and experience of a high-quality divorce solicitor will be crucial for getting your fair share of marital assets amidst a disagreed divorce, as efficiently as possible.
Are you getting a divorce and require the services of an efficient and approachable family lawyer? KMJ Solicitors is a bespoke family law firm that specialises in a wide range of areas, such as divorce, child law, prenuptial agreements, and much more. Get in touch today for your FREE no-obligation consultation.