Going through a divorce can be a difficult and emotional process, and it can also be expensive. The cost of a divorce varies depending on several factors, including the complexity of the case, the amount of assets involved, and the type of legal representation that is required. In Illinois, the average cost of a divorce is around $13,800, with costs ranging from $5,000 to $50,000 or more.
Different types of divorce expenses
There are several types of expenses you may end up incurring throughout the divorce process. The cost of a divorce in Illinois can be broken down into several categories, including legal fees, court fees, and other expenses. A professional financial advisor can help you navigate these costs and get you financially back on track after the divorce proceeding is finalized.
Legal fees
The largest expense in most divorce cases, legal fees can vary depending on the hourly rate of the divorce attorney, the number of hours spent on the case, and the complexity of the issues involved. A divorce attorney‘s fees in Illinois are around $250 to $350 per hour.
Other factors that can affect the cost of legal fees include the type of divorce being sought. For example, if the divorce is contested and there are many issues to be resolved, such as child custody, spousal support, and division of assets, then legal fees will be higher. In contrast, if the divorce is uncontested and both parties agree on most of the issues, then the legal fees will be lower. Many divorcing couples will choose to go into meditation instead of engaging in a lengthy litigation battle which can quickly drain the resources of both parties due to legal fees.
You get what you pay for
While you need to understand how your attorney charges fees, it is not always the best idea to work with the least expensive attorney. Many of the more experienced attorneys charge a higher hourly rate but often their experience can allow for a quicker and more efficient divorce process.
Court fees
In addition, handling divorce legal fees can vary depending on the county where the divorce is filed, but they typically range from $200 to $400. Court fees cover the cost of filing the divorce petition and other documents, as well as the cost of attending court hearings.
Other divorce costs
There are many other expenses associated with a divorce that you will want to take into consideration. This can include the cost of hiring a mediator or expert witness, the cost of obtaining appraisals of property, and the cost of any necessary travel expenses. These expenses can add up quickly and can significantly increase the overall cost of a divorce.
Financial planning for divorce
Along with a competent divorce attorney, you will also want to consider consulting with a financial advisor that knows the divorce process. This can allow you to mitigate some of the costs as well as better maximize your financial resources during the divorce and after the final divorce settlement.
However, you should only consider the highest-rated financial professionals when it comes to your wealth management goals before, during, and after divorce. Purposeful Wealth Advisors is one of the best Chicago divorce financial planning firms in the industry. Our highly knowledgeable financial professionals are known to provide the best customer service with financial advice customized to fit your particular circumstances. Contact us today to learn more!
Opinions expressed are those of the author and are not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
