Paying for Divorce
Are you worried about paying for divorce? There are certain expenses that will come with getting divorced such as attorney fees, but other costs aren’t going to be the same from case to case. Here is what you should know.
Paying for Divorce | Cost of Divorce
Time and cost are usually the first questions on anybody’s mind. In most divorce cases the two are related in direct proportion. It surprises some to know that the cost of a divorce isn’t necessarily tied to the value of the assets involved. A potentially complicated divorce involving many valuable assets, property, and children could be resolved inexpensively if the parties come to an agreement before filing, or early in the process. Because most attorneys bill by the hour, the longer two spouses drag on negotiations, the more expensive the divorce becomes for both parties.
The cost of an uncontested divorce in New Jersey will typically start around $1,500.00, plus the filing fee. If the divorce is contested and there are assets and issues such as custody and child support, the initial retainer could range from $3,500.00 to $5,000.00, or more depending on the circumstances. A long and fiercely contested divorce could cost as much as $15-20,000.
Paying for Divorce | Alimony
Alimony isn’t involved in all New Jersey divorce cases, but it is an important element in many. The three biggest factors determining alimony are the length of the marriage, the lifestyle a couple shared during their marriage, either party’s legitimate financial need, and the other party’s ability to pay. If both parties are earning close to the same income, there will not generally be any alimony. There are other factors commonly considered, too – for example if one spouse is raising young children, or if one spouse is elderly. Following recent legislation, New Jersey recognizes two types of alimony.
- Limited duration alimony: One spouse will continue payments for a finite, prearranged period.
- Open duration alimony: Various triggers and conditions will determine the length of time one intended. Although attorneys, mediators, and in some spouse makes payments to the other.
If you are worried about paying for divorce, please call our New Jersey divorce attorney today for a free consultation to discuss your options.