If you are planning to divorce your spouse, you may have already budgeted for the costs of filing fees and legal help. However, there are many other costs beyond attorney fees and court costs—and people are often shocked at the amount of unexpected expenses. Prevent making common mistakes during the divorce process by planning for these hidden costs.
Be Prepared for Additional Divorce Costs
A good divorce attorney should give you a written estimate of their fees, as well as any potential legal costs of preparing and filing your divorce petition. They may also advise you on whether it is a good idea to hire outside experts to help you get the divorce settlement you deserve.
There additional professional services may include:
If you have assets that could be extremely valuable—such as jewelry, art collections, furs, or investments—you may need a certified appraiser to assign a value for each one. If this is not done by a professional, the value of items may be significantly over- or undervalued, leaving you at a disadvantage during property division negotiations.
If you and your spouse run a business, you may need a business valuation expert to determine the value of the company and how to arrange a buyout. You may also incur charges if you need to draft new business plans or governing documents to reflect the changes in the company.
Forensic financial investigation.
If you are not involved in the financial aspects of the marriage, you may need forensic financial investigators to gather information about your spouse’s holdings, debts, bank accounts, and other potentially hidden assets.
You may need to hire an attorney to make changes to your will, name new beneficiaries on your insurance policies and healthcare documents, and ensure your ex-spouse will not accidentally inherit upon your death.
The spouse leaving the family home will need to plan for increased expenses. For example, that spouse should plan for packers and moving professionals, rent, utilities, and increased commuter mileage. The person remaining in the home may need to budget for mortgage, tax, and utility payments.
Do You Need To Speak To A Rhode Island Divorce Attorney?
If you are considering a divorce you need to speak with an experienced Rhode Island divorce attorney as soon as possible. Please contact us online or call our Cranston office directly at 401.946.3200 to schedule your free consultation. We help divorce clients in Providence, Warwick and all areas of Rhode Island.