The Rising Cost of Getting a Divorce
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Here's your Money Briefing for Wednesday, November 9th. I'm J.R. Whelan for The Wall Street Journal. These days, it's harder for couples to buy a house, feed a family, and manage household costs. It's also gotten a lot more expensive to get a divorce.
Divorces have become more heated, more contentious, more expensive because of inflation and because of all the tension that's built up over the years. One lawyer told me that divorces that would previously settle after one or two mediation sessions, are now taking, you know, six to resolve.
Coming up, we'll talk with our personal finance reporter, Veronica Dagger, about the rising costs of splitting up and what some couples who are on the outs are doing to rein costs in. That's after the break.
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They say breaking up is hard to do. For couples getting divorced, it can also be hard to afford. WSJ personal finance reporter Veronica Dagger has been looking into the rising cost of getting a divorce and questions that couples should ask before making a split official. Hey, Veronica, thanks for being with us.
What is making divorces more expensive and contentious now?
Thanks for having me, JR.
You know, Veronica, there are obviously financial implications that go along with a divorce, not to mention the emotional toll.
There are few life events more emotionally and financially taxing than a divorce. You know, it's a really tough time for folks. People right now are especially angry at the economy, things like higher prices are stressing people out. They're angry at their spouses for being trapped together essentially because of COVID for two plus years, and they're acting out, divorce lawyers are telling me. divorces have become more heated, more contentious, more expensive because of inflation and because of all the tension that's built up over the years. One lawyer told me that divorces that would previously settle after one or two mediation sessions are now taking, you know, six to resolve.
Yeah, so let's talk about some of the financial issues that often come up in a divorce. For one, who gets the house is a question that usually comes up in divorce negotiations. How has the changing housing market affected that equation?
Well, these higher mortgage rates, it really changes the way people think about their present and future homes, a lawyer told me. So if one spouse wants to buy the other out of their share of the home, that spouse is likely going to need to refinance the mortgage. Well, refinancing is so much more costly than it was a year ago, because mortgage rates now are hovering around 7% compared to around 3% in January. Also, if you have an adjustable rate mortgage and that's due to reset soon, holding onto that home may be less attractive. So there's a lot of complexities. There's also things like home prices, that home price growth is slowing. And because of that, people aren't getting the offers, the top dollar offers for their house when they sell it anymore.
And because of that, some couples are debating when they should sell the house and if they should sell the house.
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