Mediation

Litigation is highly expensive and contentious. That’s why a lot of former couples opt for mediation instead. But the option for mediation doesn’t mean you’re going the cheaper route. In fact, it could cost between $3,000 and $7,000 including the mediator’s hourly fees.

Loss of Child Tax Breaks

Noncustodial parents won’t be able to claim child-related tax breaks after a divorce unless otherwise decreed. These include child tax credits, dependency care credits, dependency exemptions, the Earned Income Tax Credit (which can reduce tax burdens by more than $6,200), and head-of-household filing status, according to the IRS.