Costs of splitting up is major concern when considering divorce

The cost of a divorce apparently is the number one concern for couples that are breaking up that do not have children. For those with children, the cost of splitting up is second only to child custody concerns.

It is estimated that the typical divorce will cost around $15,000. However, even for those that can afford this cost it is still a major concern. This is perhaps due to concerns of property division or other asset concerns that are not included in the $15,000 expense.

Not every individual involved in a divorce chooses to utilize a lawyer. Though this may be in part because individual spouses feel that the fees charged by attorneys is too high, in certain circumstances not having an attorney can prove to be disastrous in the long run.

Division of property during the course of a divorce can be extremely complex unless there were few assets built up during the course of the marriage. Most spouses, however, share a home, have built up assets in retirement accounts or have a number of outstanding debts that need to be paid. There also may be a number of hidden assets that one spouse or the other may not be aware exist.

Especially in a community property state like Texas, determinations as to how these assets and debts are divided may ultimately prove costly for a spouse who does not have legal representation. It’s important that fairness in property division be maintained and that a spouse does not receive an unpleasant surprise at a later date when discovering that they have been deprived of assets or finances to get on with their lives.

Source: Huffington Post, “Divorce Study Indicates That Cost of Splitting Up Is Top Concern For Divorcing Couples,” Aug. 1, 2013