The Shock Factor

So, it happened – the one thing that you never expected to happen years from happily saying “I Do.” You’re getting a divorce. Not only is this an extremely emotionally – draining time in your life, but you’re having to also prepare yourself for the financial draining that is about to take place too. Take a deep breath… Let it go… Now, let’s talk this through.

So how much does a divorce cost anyway?

The average cost of a divorce in the U.S. ranges from $15,000 to $20,000, largely due to divorce lawyers’ fees and according to gobankingrates.com, the most common hourly fee is $250, but most people pay between $150 and $350 an hour. The lowest hourly fee reported in this survey is $50 while the highest is $650 per hour. Splitting up sure does cost a pretty penny!

Usually, an uncontested divorce is much simpler and faster than a contested divorce, therefore legal fees will generally be lower. For some simple uncontested divorces, you may be able to use an online divorce service, which can cost as little as $250 to $500.

What happens when children are involved in divorce?

If you have any children who endured this hard time with you, they may need counseling after the split. Family and marriage counseling costs can vary across the board. Rates vary from about $75 to $200 per hour, but many therapists will offer fees based on income. In addition, some therapists accept insurance and some do not, so you will need to prepare for that too.

What other costs can I expect to incur in a divorce?

There may also be fees for accountants and financial lawyers to manage the sale and division of all joint property. You will also need to prepare to pay court filing fees. These fees vary from state to state and generally cost about $150. You may be able to have the filing fees waived if you cannot afford them.

In addition to the potential of alimony, don’t forget child support costs. According to supportpay.com, “there is typically a way to calculate child support. Using the Child Support Guidelines, a court will look at your “adjusted” gross income (your gross income minus any deductions for, e.g., taxes). The court multiplies the adjusted income by the guideline percentage for the number of children needing support.  If your annual income is $45,000, and you have one child to support, depending on your state, you could be paying 17% of your income. Per month this nets out to $637.50 a month, or $7,650 a year.

If you’re curious what your support payments could be, use the Support Pay child support calculator.

Divorce costs too much and I’m worried I can’t pay for all of this

It’s totally normal to have anxiety over financing a divorce, but we’ve got your back. You can apply for a LendingPoint personal loan today and see if you qualify. We offer personal loans up to $20,000 and would love to be your sigh of relief in this time of your life.