Financial questions are some of the most common inquiries made during a Short Hills divorce. A person filing for marriage dissolution will typically get answers to these questions by sitting down with a local attorney. Without the knowledge of legal counsel, monetary matters can add fuel to already rising emotions. To prepare for the process, it is important to understand the financial terms and issues that are often discussed in these initial meetings.
How much a divorce will cost is the number one financial concern people have when deciding to end their marriage in Short Hills. The answer to this question depends on the factors of the case. Divorce attorneys charge an initial retainer, which is like a deposit and is refundable if all of the retainer monies are not used in the pendency of the divorce. The facts of the specific case will affect the retainer. If the issues surrounding your divorce are complex and involve many disputed assets, the retainer may be higher to match the increased amount of work that will have to be completed.
However, the initial retainer may not reflect the total legal cost of the divorce. Say the initial deposit is $10,000. The attorney may be able to resolve all matters of the divorce using that initial $10,000, but if there is additional legal work required, especially with more complicated cases, the retainer must be replenished. Because every marital situation is different, there is no definitive answer to the cost of a divorce. Cases have ranged from $5,000 to $2,000,000, and total costs largely depend on how complex the issues are and on how quickly divorcing parties are willing to reach an agreement.
Another financial question that Short Hills residents may have during their divorce is who is responsible for covering the cost. Typically, both parties are responsible for covering these costs at the outset. During litigation, if one party has significantly more assets or if their earnings are much higher, the other party may request that they pay a greater portion of the legal fees for purposes of fairness.
In some cases, if someone is acting in bad faith, the court may award counsel fees to the other party. For example, if one party obstructs the divorce proceedings by hiding financial details, the court could order them to pay their spouse for the litigation required to obtain the information. Skilled legal counsel could help those involved in a divorce to track down the necessary economic information and ensure that costs are divided fairly for the circumstances of the case.
There are often many economic issues to account for in Short Hills divorces, so it is crucial to enlist the help of an organized lawyer who can keep track of all the pieces. Working with a legal professional could expedite the process and help ensure that economic matters are handled properly and efficiently. If you have financial questions in your Short Hills divorce, schedule a free consultation with one of our caring attorneys to learn how we could work with you on your case.