***Note: The numbers in this article reflect prices and my experience in 2018. A lot has changed since then $$$*** After the anxiety of “what will happen to me and my kids in my divorce?” the question of “how much will my divorce cost?” can be the next most worrisome question. After all, you will have read through the articles on my website and the blogs of other lawyers about all the other financial aspects of divorce. You’ll know your assets will be divided approximately 50/50 or “equitably” which is almost never more than 65/35. You’ll know that maintenance will be 33% of your income minus 25% of your spouse’s (or vice versa). You’ll have gone to the Illinois Healthcare and Family Services website to total the estimated child support. Even before you file for divorce, you will likely know all the costs associated with the divorce’s result if not the financial costs of the divorce process. Divorce lawyers are not transparent about the cost of the divorce process. Divorce lawyers will say, “well, it depends,” and that is the honest answer. Still, you should know what factors the cost of an Illinois divorce depends on and how working with a Chicago divorce attorney can help. Initially, every lawyer will give you two numbers to answer “how much will my divorce cost”: their hourly rate and their retainer amount. The Retainer My engagement agreement (contract with the lawyer) defines the retainer agreement as: “A retainer fee is an advance deposit paid initially to hire an attorney. Your attorney will use this money to pay for court fees, attorney fees, or any other expenses that may arise in your case. The retainer does not reflect the total amount of attorney’s fees for a case. Final invoices are relative to the total amount of work performed by the Attorneys and office staff, and additional costs incurred on behalf of the client.“ I put my clients’ retainer money in a special trust account which is supervised by the Illinois Attorney Registration and Discipline Committee. As I earn the money or spend the money on legitimate business expenses, I withdraw the money from the trust account and deposit it into my operating account. Some attorneys require an “evergreen retainer,” which means they want more money in the trust account for future work after the initial retainer is exhausted. I do not require an evergreen retainer. After the initial retainer is exhausted, the invoices will […]
