Here’s some new facts and figures about divorce gleaned from a new article by Dee Lee, a Certified Financial Planner.
- Each year in the USA, over 2 million people get married. Nearly 50% of them will end in a Divorce.
- 2nd marriages do not fare well. Apparently experience isn’t much help in this area. 67% will end in a divorce. For 3rd marriages, it gets even worse: 74% of them wind up in Splitsville.
- The average age of first marriages that call it quits is 30.
- New studies (which unfortunately are not cited in the article) indicate that children suffer much more trauma than originally thought after a divorce. Yikes!
- Family law is a $28 billion dollar industry each year. Divorce lawyers in Massachusetts charge an average of $350 an hour. This is in the same ballpark as Sacramento. The “cottage industry” includes more than just attorneys: mediators, therapists, CPAs, court personnel, process servers, visitation supervisors, appraisers, authors, book publishers and more.
- The cost of a divorce is about $20,000. I recall reading years ago some ABA statistics that the average party in a divorce spends about $10,000 so this would be in agreement. If a divorce is in your future, it is important to be realistic about the costs and plan for it.
If you have recently been through a divorce, how much was your attorney and what was the total bill? Were you satisfied or did you feel ripped off? As always, your thoughts and comments are welcome!