If you’re considering going through a divorce, often one of the biggest worries will be the overall cost associated with the process. After all, divorce has always been famous for its price tag. But what does the price entail?
Aviva estimates the overall cost of a divorce at nearly £44,000 – or £21,979 per partner to be precise. That seems like a whopping amount.
However, the cost of legal fees per person on average makes up just £1,280 of that total. So what are the other costs associated with divorce? According to the research by Aviva, setting up a new home, arranging childcare and even post-separation holidays are among the secondary costs frequently cited by divorcing couples.
In our recent infographic, “What Is The Cost Of Divorce?” we break down the average cost of a divorce as well as providing some top tips for protecting your assets and ensuring the best outcome for you and your family.
What are the Costs?
For any divorce, you will need to apply for a divorce petition and pay the court fee – this is currently £550.
It is highly advisable to instruct a solicitor to help you through your divorce, and the solicitor’s fees will be on top of the court fee.
The bulk of the financial upheaval associated with divorce will be down to the division of assets. This doesn’t necessarily need to be done by a judge in court: there are various forms of alternative dispute resolution available, such as mediation.
In a mediation session, you and your partner will sit down with an impartial mediator who will guide the negotiations. If you and your partner cannot agree on a settlement, it will be the role of the judge to decide how assets are split.
How are Assets Divided?
There are few set rules regarding who gets what in a divorce. Usually, assets acquired during the marriage (often known as ‘marital assets’) are considered as the property of both partners and put into the divorce pot to be divided up. This includes:
- Earnings/pension acquired through work
- Business and investments
When deciding how to fairly divide up these assets between the divorcing couple, the judge will take into consideration a number of factors:
- Whether there are any children
- Whether a pre-nuptial or post-nuptial agreement exists
- The length of the marriage
- Future income and financial needs of both parties
- New relationships (e.g. if one person has started a new relationship and is living in their new partner’s home)
However, every divorce settlement is decided on its own merits, and no two situations are the same. The judge has discretionary powers and will ultimately make the call on what is fair.
Henry Crisp qualified as a solicitor in 1992 and has specialised in the practice of all aspects of Family Law since then.
Henry is a founding Partner of Crisp & Co. As well as being a qualified Mediator, Henry is also a member of Resolution and is trained and practised in Collaborative Law.