Dr. Judith Gerhart, CFP
Certified Divorce Financial Analyst 
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Reaching an Agreement or Preparing For Trial
August 25, 2008
After disclosures have been completed, it is time to start negotiating settlement. For example, who will keep the house? How much support will you pay? And for how long? Who will have the children for Christmas or Hanukkah this year?
Because both of you have completed full and thorough disclosures, you are both now in a good position to discuss settlement. It is a good idea at this time to simultaneously request the court for a trial date. I do this for my clients because with a looming trial date, both parties are more eager to resolve the case. In addition, if settlement discussions fall apart, there is already a trial date set in the future, so as not to delay the dissolution. Other attorneys prefer not to do this, so they will have more time to prepare for the trial.
If you reach an agreement, you can file a Stipulated Judgement, or a Marital Settlement Agreement (MSA). The difference between both is that in addition to being attached to the Judgement, the MSA contract, and if either party breaches it, you have an additional remedy - to sue for breach of contract.
Once the Judgement is stamped by the Judge, you should receive a Notice of Entry of Judgement, which gives you a date of divorce. Only when this piece of paper has been filed is your divorce final. Congratulations!
Of course, in divorce cases, nothing is final. You may always file for Modification, but there are legal standards you must meet before the Judge will grant you one. Please consult with a competent family attorney.
If case settles:
Attorney Time: 5 - 20 hours
Time Factors: How cooperative are the parties?
If case goes to trial
Attorney time: 50 - 200 hours ($15,000 - $60,000)
Time factors: Trial is no joke. You will be paying for the attorney’s time day in, day out. -This includes prep time, trial time, review time, prep time…round the clock. It is not unusual for an attorney to bill 10 - 15 hours a day for trial. My mentor once had a trial lasting 22 days. I think it helps to think of trial as an hourglass with your money as the sand…
In conclusion, a divorce case can run anywhere from $1820 (uncontested divorce) to hundreds of thousands of dollars. There’s always Britney Spears, who paid over 1 million to her attorneys for her custody case, and Larry Birkhead, who paid over $600,000 to his attorney.
Yes, lawyers are expensive. But if you find the right one, they’re worth it.
By Kelly Chang Rickert
Posted by Judith Gerhart on August 25, 2008 | Permalink | Post a comment
