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How much does divorce cost?

On Behalf of | Feb 11, 2022 | High-asset Divorce |

Last year alone, nearly 750,000 couples divorced, which, surprisingly is the lowest number seen in decades. Because of the two tumultuous years we all experienced, it was expected that, as a result, many couples would divorce. Indeed, many media pundits claimed a divorce tsunami would hit us. Though, those claims now seem largely alarmist. But, a real question that many couples want to know is the expense related to divorce.

Divorce rates, nationally

The Institute for Family Studies routinely studies divorces and family dynamics. They found that the current divorce rate is the lowest it has been in 50 years. Specifically, out of every 1,000 marriages, only 14.9 end in divorce. And, marriages are lasting longer. In fact, 2019 saw marriages lasting nearly 20 years, which is a full year longer than 2010.

What increases costs?

On average, to get divorced in the United States, it costs about $10,000, according to 24/7 Wall St., who reviewed estimates from Self Financial, Inc. Researchers found that the higher the income average for the state, the higher the cost. This is likely because the attorney’s and court costs are higher, and the marriage estates are larger, which necessitates bringing in experts and increases the chance for litigation. In addition, kids increase the average cost by 36.7%.

High-low and Mississippi

Of course, our Mississippi, readers are curious to get numbers specific for our state. Here, according to 24/7 Wall Street, the average cost per person is $8,400. With children, that number jumps to $11,373, and without children, it is $7,550. To be sure, these are averages, and costs in individual cases can vary widely. Divorces among high-asset couples tend to involve more complex and time-consuming property division, driving up costs.

When compared to other states, we are definitely among the cheaper, though, not the cheapest. That honor goes to Montana with an average cost of only $6,170. And, unsurprisingly, the award for the most expensive divorces goes to California at $14,435, which rises to $19,639 with children. In fact, divorce is so expensive in that state, some couples need a loan to get divorced.

Other effects of divorce

Because of the costs associated with divorce, both throughout the process, and costs thereafter, like child support or alimony, there are ripple effects. Primarily, these expenses can make paying bills much hard, thereby effecting one’s credit. In addition, if one is not taken off joint accounts, they too can affect one’s credit. This is all things that should be discussed with the attorney to make sure one’s entire financial life is accounted for in the divorce.