What is the true cost of divorce? Making the decision to divorce is never easy. Aside from the obvious change in your marital status, there are financial changes that will have an impact on your life. The first step is to understand the cost of a divorce.
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 you cannot reach an agreement and the matter needs to be litigated then the Court will instead ask for a fee of £275.
No two divorces are the same. Some are straight forward divorces with no assets or children. 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.
In a divorce concerning children parents will need to consider a lot of costs. There are 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 you may need to make a new Will. There is also housing to consider. What about a deposit for a rental property or the sale or purchase of property? What about 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. You may need mental health support from counsellors, relationship coaches and therapists. All of these also carry a cost.
Even if you decide to do your divorce yourself, this will not sever the financial ties between you and your spouse. A Family Judge can grant you a Financial Order to help with this. 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. We will evaluate your situation and let you know how we can get started during this call. Call us now for a friendly chat on 020 8735 9770 or email our family law department at info@hpwsolicitors.co.uk
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