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Making the decision to divorce is never easy. Aside from the obvious change in your marital status and all that comes with it, there are financial changes that will have an impact on your life. The first step is to understand the cost of a divorce.
What are the unavoidable divorce costs?
Whether you are making an application for divorce on your own or with a solicitor, a divorce application attracts a Court fee of £593. If you are settling matrimonial finances by agreement there will be an additional Court fee of £53. If agreement cannot be reached and the matter needs to be litigated then the Court fee will instead by £275.
How much are the legal costs in divorce?
No two divorces are the same, some are straight forward divorces with no assets or children, and others can be lengthy marriages with a property portfolio and minor children of the family. Consequently, the costs involved will differ dependent upon the circumstances of the individual. Complex matters will require expert legal support to ensure the protection of the individual. The cost of litigating a case with a lawyer can reach significant sums, however the support and outcome secured will be invaluable to the individuals’ future.
What are the hidden costs of divorce?
In a divorce concerning children parents will need to consider child care and nursery costs, child maintenance, the cost of moving and rehousing with children and meeting the children’s expenses as a single parent. In some circumstances there will also be the cost involved in making a new Will, a deposit for a rental property or the sale or purchase of property, and mortgaging and re-mortgaging. All of these costs require expert legal and financial advice as they can have a lasting impact upon a person’s financial situation.
Some costs are not financial. Divorce is a difficult process and the implications of it can bear a huge cost to mental health. Counsellors, relationship coaches and therapists are all professionals who can support you to ensure that your mental health is not ignored.
What will it cost to go to Court?
Even if you decide to do your divorce yourself, this will not sever the financial ties between you and your spouse. This can be achieved by obtaining a Financial Order, which is granted by a Family Judge. A Financial Order is a legally binding document that will set out how assets property, pensions, savings, and investments, should be distributed upon divorce. The avenues for obtaining a Financial Order can be via arbitration, a consent order or through financial remedy proceedings.
If you and your spouse cannot agree on the division of assets or there are concerns over the disposition or hiding of assets, an application for financial remedy will need to be made. Typically financial remedy proceedings will consist of 3 Court hearings, whilst many cases settle and conclude at the second hearing. Financial remedy proceedings can be costly and where the assets to be divided are significant, litigation fees can range in the tens of thousands. An experienced family lawyer will be able to advise you as to whether Court proceedings are necessary and seek to manage your legal costs within your budget.
Our experienced divorce lawyers can help you navigate this challenging time by offering you clear advice. At Hubbard Pegman and Whitney, we will assess your finances and give you the most appropriate options for your future. Get in touch with a member of our family law team today and take advantage of our current free initial telephone consultation. During this call, we will tell evaluate your situation and let you know how we can get started. Call us now for a friendly chat on 020 8735 9770 or email our family law department at firstname.lastname@example.org