How Can I Save Money on my Divorce?

If you are considering filing for divorce, you have a lot to think about.  You need to find a competent lawyer that you trust to handle your case, you need to file the necessary documents with the court correctly, you need to interact with your lawyer, the court, and your spouse regarding emotionally-charged topics on a seemingly continuous basis, and you need to make plans for life after the divorce, such as finding a new place to live. To add to these stresses, you need to think about how you will afford your divorce.

Talk to your lawyer about ways you can make your divorce less expensive.  Your divorce should not bankrupt you.  Although certain costs may be unavoidable, there could be money-saving options available to you that you did not realize you had.

Consider Collaborative Divorce or Mediation – Alternative Dispute Resolution

One of the most effective ways to reduce your divorce’s cost is to keep it out of the courtroom.  In a traditional divorce carried out through litigation, court and lawyer fees can quickly add up.  A mediation allows a couple to determine the terms of their settlement on their own with a mediator, then work with their lawyers to finalize the divorce.  In a collaborative divorce, the parties meet with a Team of professionals outside of the courtroom to resolve their divorce.  In addition to saving money, many couples who choose alternative ways to divorce report a higher level of satisfaction with the terms of their settlements than those who divorce through litigation.

Work Out All that you Can Before Filing for Divorce

Even if you do not choose a collaborative divorce or mediated divorce, you can still save money on the process by working with your spouse to reach agreements for your settlement before you begin the divorce process. Examples of agreements you can reach beforehand include:

• How you will divide your assets; and
• Whether one party will seek spousal support.

To make the division of your assets as simple as possible, close your joint bank accounts by agreement and establish individual accounts before you file for divorce. After closing the joint bank account, maintain your own separate finances.

Think About the “Big Picture”

Time is money, and money is wasted by squabbling over small issues during the divorce process. As you work through each step of your divorce, always keep the “big picture,” your end goal for the divorce, in mind.  Your specific goals for your divorce might come at a cost, such as the cost of a small business appraiser if you have a business that needs to be divided in your divorce.  But the costs may payoff in the long run.  You might decide that retaining control of the business is very important to you.  Work with your lawyer to determine a bargaining strategy to help you reach your goals, such as allowing your spouse to keep most or all of the value of your family home.

Work with an Experienced Orlando Divorce Lawyer

Although a divorce can be expensive, there are ways you and your spouse can cut your costs down to make it easier for yourselves.  To determine the right money-saving strategies for your divorce, speak with an experienced divorce lawyer.  Contact our team at Goodblatt · Leo in Orlando today to set up your initial consultation in our office.

Resources:

money.usnews.com/money/personal-finance/articles/2013/08/19/why-a-collaborative-divorce-makes-financial-sense

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.08.html