Every year, 97,000 Australians file for divorce. Statistics show that 1 in 3 marriages in Australia are likely to end in divorce.
In fact, 1 in 8 adults in Australia aged between 25 and 64 are separated or divorced. 1 in 2 divorces in Australia involves children. Hence, the impact is not limited to the couple- it extends to the children and other family members.
The median age of couples divorcing is 45 for men and 43 for women. This has an impact on the country economically, since many men and women are at “prime wealth accumulation ages” when they file for a divorce. Financially, the government spends $14 billion in government assistance and court costs.
40% of divorces in Australia are jointly applied by both husband and wife, 31.6% are filed by the wife and 25.1% by the husband.
On average, it takes about 3.5 years from the time of separation to divorce. This may mean that financial effects are overlooked and longer-term financial planning may be postponed.
Divorced parents between the age of 45 and 65 own about 25% less assets than those who are married.
Research in Australia shows that it takes 5 years to recover from the financial impact of divorce. However, there is a 20% gap in financial wellbeing of divorced and married couples even after 6 years!
See: Olivia Maragna, “How much does a divorce cost?”, The Sydney Morning Herald, 21 December 2016
Are you thinking about filing for divorce in Singapore? One of the first questions that will come to your mind is: what is the cost of divorce in Singapore?
Costs- legal fees payable to the lawyer
Thankfully, not every annulment/ divorce case in Singapore can be as financially-crippling. The cost of divorce in Singapore can be really low.
For couples who have agreed on all terms of the divorce (also known as uncontested divorce), the cost of the divorce can be as low as S$1,200 nett (including costs of disbursements and GST)! The legal fees (excluding costs of disbursements and GST) will only come up to about $700 in such cases. The couple need not even take a step into the Family Justice Courts and the process is largely administrative.
For the rest who have not agreed on terms, they have to go through the process of mediation (negotiations with the objective of reaching a settlement). The cost of engaging a lawyer for the mediation process need not exceed S$5,000 nett!
You may wish to note that most cases are resolved by the mediation stage. Family law is not rocket science. There are simple formulae which a Judge in the Family Justice Courts uses to determine the outcome (how assets are divided and how much maintenance to award). If you, through the advice of your divorce lawyer, already know the likely outcome if the case proceeds to Court, the question then is – why go to Court in the first place?
As such, even if you do not agree on all terms with your spouse, there is a strong likelihood that your divorce need not
As the article suggests, there are other costs to the divorce/ annulment- both tangible and intangible.
It is important for you to have a lawyer who knows the numbers involved. You need to secure the best possible deal for yourself to ensure that you suffer minimal losses from the divorce/ annulment.
To find out more about the cost of divorce in Singapore, contact us today!
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