4 Things That Make Divorce More Expensive
Divorce is often quite expensive. Determining the appropriate division of property, assets, and parenting time, as well as the money required to spend toward spousal support and child support can be complicated. A final agreement can take months, even years to complete, resulting in long hours of negotiations and expensive attorney and court fees. The costs eventually add up; and in the end, you could be left struggling to start a new life.
Understanding the financial obstacles you can possibly face during the proceedings can help you figure out how to make divorce as least costly as possible. The following are common issues that make divorce more expensive:
#1: Great Amount of Large Financial Assets
A divorce which involves an abundance of financial assets (e.g. multiple properties, businesses, stocks and stock options, retirement and pension, trusts, etc.) often requires valuation conducted by financial experts.
Furthermore, the transfer of financial assets can have tax implications for one or both parties, which makes it mandatory to obtain professional help from a tax expert as well. Paying these professional can cost you a great deal of money.
#2: Failure to Disclose Information
In Texas, both parties are required to disclose their financial information and history as part of the discovery process to determine a reasonable division. Failure to cooperate can lead to penalties in the form of fines.
For example, if one spouse refuses to produce their required documents, the other spouse can file motions that could delay the discovery process, resulting in increased attorney fees and court fees.
#3: Child Custody Disputes
When disagreements occur over child custody, there are a variety of expenses that are involved. For example, the judge can hire an evaluator to perform interviews and conduct home studies that you must pay for at the end. Other expenses include counselors, therapists, and other professional services.
#4: Final Judgment Determined by Court Litigation
The costs of court litigation are much higher compared to settling through mediation. In addition, there is a chance that you will not obtain a favorable, reasonable outcome once the final judgment is made by the judge.
If you are interested in filing for divorce or modifying a current order in Texas, contact our Fort Worth family law lawyers at The Clark Law Firm today.