The financial toll of a divorce in Texas can vary widely from one couple to another. Still, Texas ranks as the fifth most expensive state to file for divorce in. The expenses can range from just a few hundred dollars to the upper echelons of millions. On average, Texans might expect to pay around $23,500 when children are involved and $15,600 without children, leading to a state average of $19,550. This figure contrasts the national average, which is over $12,800.
Why Does Divorce Cost So Much?
The cost of divorce hinges mainly on the case’s complexity—specifically, the number of issues the spouses can settle amicably versus those requiring negotiation. While filing fees are relatively low, typically in the hundreds of dollars, attorney fees will make up the bulk of the expenses. The more disagreements there are, the more time lawyers need to negotiate, increasing the billable hours. Additionally, the costs can soar when a divorce case goes to trial due to the extensive preparation and court time involved.
The high price of cutting corners
While legal fees add up, we believe that clients can’t afford to cut corners. Achieving a balanced and fair divorce agreement at a reasonable price is desirable, but it shouldn’t come at the cost of accepting unfavorable terms. Divorce is a significant life event, and the decisions made during this process can have long-lasting effects on parenting arrangements, financial support for children or a spouse, custody matters, and the division of shared property.
To safeguard their interests and those of their children, clients can work with attorneys on the following:
- Conduct a thorough review of all assets, with legal verification, including retirement accounts, insurance policies, stocks, and foreign holdings.
- Obtain precise valuations of tangible assets like real estate, business interests, and other valuable commodities that may appreciate over time.
- Assess each spouse’s current and future earning capacity accurately.
- Address any unique circumstances of the marriage, such as disabilities or additional expenses for any children involved.
Overlooking these considerations can lead to regret and potentially to another date in court to seek a modification.
The advantage of getting it right initially
Partnering with a family law attorney who brings experience and legal knowledge to the table provides peace of mind during this time of transition. Not only can the lawyer aid with significant issues like equitable distribution of assets, but they can also manage the finer points of the divorce, such as creating a parenting plan that works for the entire family.