In today’s hard economy, financial matters are a major concern for many families. Michigan residents may find it interesting to learn several recent studies regarding divorce have shown that many divorcing couples are concerned of the cost associated with getting a divorce.
A study that examined the relationship between financial issues and divorce found that disagreement between couples over finances was a major predictor of the couple splitting up. However, another study found that financial concerns and lack of financial stability prevented couples from seeking a divorce.
The concerns about the cost of divorce were affirmed in a recent study conducted by a legal company. According to this study, about 58 percent of the nearly 900 people and nearly 450 lawyers’ surveyed indicated that cost associated with splitting up was a major concern for couples without children. Even though child custody concerns were the number one concern of couples with children, nearly 53 percent of them indicated that cost of a divorce was second. Other divorce legal issues of concern identified were property division, alimony and the time it take to have the divorce finalized.
Further, the concern about the cost of divorce was expressed by people from all income levels. It is estimated that the average cost of a divorce is about $15,000. The study also looked at how many divorcing couples sought the help of a lawyer and how many did not use a lawyer. It found that nearly 65 percent used a lawyer while nearly 35 percent did not.
When irreconcilable differences arise between a couple, in the best interest of children and the emotional and psychological health of the parties, divorce may be the only option. Clearly, the cost of a divorce concerns many. However, it is possible to get an affordable divorce within one’s budget – for example, mediation is one path that is often quicker and less costly than court. Parties may want to contact a family law lawyer to discuss affordable options to get a divorce.
Source: Huffington Post, “Divorce Study Indicates That Cost Of Splitting Up Is Top Concern For Divorcing Couples,” Aug. 1, 2013