Cost of Divorce and How to Survive Financially

The cost of divorce throws one-in-three into risk of bankruptcy. Preparing for divorce by understanding the different costs can save your finances.

Check out the NOLO Essential Guide for Divorce and how to mediate your own divorce settlement

In this video, we’ll look at all the costs in a divorce, who gets what and how to get a cheap divorce. I’ll show you the two types of states that determine how assets are split in a divorce, how alimony is calculated and how much child support will be for both sides.

The average divorce in the United States costs over $13,000 with the majority of that going to lawyers. If you know how to settle out of court and before getting the lawyers involved, you can save as much as ten thousand dollars on average.

Don’t file for divorce without watching this video and understanding how your divorce will be determined. Find out if you are in a community property state or common law and how that will affect who gets the assets and debts.

2:00 Who Gets What in a Divorce?
2:24 What are Community Property States?
3:10 How is a Business Separated in Divorce?
3:30 Who Gets Debt in Divorce?
4:25 How is Alimony Calculated?
5:50 How is Child Support Calculated?
7:20 How Much are Legal Costs in Divorce?
8:08 How to Get a Cheap Divorce

There are ways to get a cheap divorce. If you can agree on who gets which assets and how much one spouse will pay the other in alimony or spousal support, you can get what’s called an uncontested divorce. This one piece of paper will save you thousands!

If you’re not able to get an uncontested divorce, meaning you can’t agree on how to split up assets, try using a mediator before getting lawyers involved. The mediator is going to be an impartial and fair witness to help you both come to an agreement. After that, you can get the uncontested divorce and still save a lot of money.

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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
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