Divorce can result in a financial hit for both spouses. There are legal fees to consider and an automatic adjustment in income and savings. Property division also impacts the assets that each spouse holds on to.
With that being said, there is no need for divorce to become unnecessarily expensive. Here are a few things that could help you reduce the financial cost of your divorce.
Being as prepared as possible
Preparation is key in any legal process. You need to know what assets you have and what assets may be subject to marital property division. It is also important to set priorities. What assets do you really want to keep a hold of? Which assets would you be willing to let go? For example, you may want to try and hold onto the family home. But, a set of paintings in storage may not be worth fighting over.
Consider collaborative approaches
Divorce is commonly seen as an intense legal battle that stretches on for months or even years. The truth is that a legal battle tends to cost both spouses a lot in terms of finances and emotions. That’s why collaborative approaches to divorce like mediation and arbitration are becoming much more popular.
Are you and your spouse still on good enough terms? If so, you could work together to get the best outcome rather than fighting. Not only does this prevent unnecessary stress, but a collaborative approach is usually quicker and much more cost-effective.
For more information on how to keep the costs of your divorce down, it may benefit you to seek legal guidance.