Of the many ways that a divorce will impact you and your family, one of the biggest impacts it will have is on your finances. No divorce will be cheap; in fact, they are usually about as expensive as a wedding. While this is the case, there are things that can be done to reduce the monetary price of a divorce.
Stay out of court
While some divorces end up in the courtroom, heading to court can be quite expensive and leave you with an outcome that you’re not fully satisfied with. If you can come to an agreement with your ex-spouse on major issues like child custody and settling assets, you may be able to file for an uncontested divorce, which will be much cheaper. Even if you can’t agree on all the details, try to, at least, compromise to stay out of court as best you can. Setting your issues in mediation or having a collaborative divorce will still cost less than litigation.
Plan for legal fees
The fees involved in getting a divorce can be difficult to manage, especially when you don’t see them coming. Find out at the beginning what your attorney charges for. Know if they bill by the hour or if you will pay a retainer and have your fees deducted from there. Know if they charge for things that you might consider rather trivial such as reading your emails or even making photocopies of your information. These are important questions in order to plan your expenses.
On top of attorney fees, the cost of other professionals, such as specialists or counselors, will also add up. A judge might require that you see other professionals, and you will likely be required to pay any and all related expenses.
Have a budget
Budgeting will be extremely helpful in getting through the divorce process. It can help you make it through this time without incurring too much debt, and it might even help you start out with a bit of extra money once your case is settled. There are also certain expenses you can receive some kind of reimbursement for from your co-parent such as shared parenting expenses. Keeping track of your spending and talking to a financial specialist can allow you to take advantage of this.
Keep control of your emotions
The longer you spend working on your divorce and the more conflicts you encounter through the process, the more it will cost you. It may mean repeated trips to court or more time spent with your attorney or mediator. Staying calm and working things through rather than getting into arguments will save money, not to mention time and stress.
While it is difficult to put a specific price tag on a divorce, you can assume that it will cost you a good chunk of money. Going about the process mindfully and prepared can help to lower the cost significantly. Seek out professionals who can help you select the best path and settle your disputes quickly.