One of the biggest concerns that soon-to-be divorcees face: the cost of the divorce. Couples are not only worried about what they could lose in the settlement, but also how much they will end up paying just to arrive at that settlement. As stressful a time as divorce is for everyone, you certainly do not need the financial strain on top of everything else. Here then are some ways that you can minimize the financial costs of a divorce.
1) One thing you can do will further come with the benefit of saving you emotional strain: get an amicable divorce. Yes, these may be rarer than they should be, but especially if you have kids involved, you and your spouse can be mature and respectful throughout this process, and it will save everyone additional pain. And money too. The less time your divorce takes, the fewer legal fees you will have racked up. If you can talk things over with your spouse first, peacefully coming up with some sort of negotiation, you will have gotten through possibly the most difficult part of the process. Then you can have your lawyers step in to add their counsel, and to make sure the agreement will hold up in court.
2) Full financial disclosure—it's imperative. Not only is this fair, so that each spouse can get the amount they are owed in property division, but it will keep both spouses on the right side of the law. If someone holds back assets, trying to save money by cheating the other spouse, then a judge will hit that person with one heavy fine. That person could even be jailed and marked with a criminal record. Hiding assets is not worth the cost. And no respectable family law attorney will tell you otherwise (so ditch one who tells you to hide information).
3) If you have joint credit cards, then your financial history is intertwined with that of your spouse's. Change that as soon as possible. Close these accounts, and start up your own. Otherwise, your spouse's bad credit scores could bring yours down, even for years to come. You could even be saddled with their debt too. Instead, close your joint accounts and build up your own credit, paving the way for a stronger, self-sufficient financial future.
4) Make as few visits and consultations as possible. This means you need to make your time with a divorce lawyer count. Many lawyers offer the first consultation for free, so make sure you hammer out some details in that meeting if you can. Now you do not want to unnecessarily close down communication with your legal representation! Do not leave questions unasked, and make sure your lawyer knows the most recent information about your case. Just make sure you are smart about the time you have with lawyers; you do not need to rack up unnecessary legal fees.
5) Finally, choose the right lawyer. You simply will not be able to achieve all your goals in the cost-effective manner you want to without the help of a legal expert. Do not think that it is worth it emotionally or financially to hire a premier attorney who will fight to take everything possible from your spouse in a gritty court battle. Not only is divorce litigation not worth it, but you could end up with as much as $400 hourly fees. Instead, compose yourself; this is not about beating your ex. Instead, make sure you get an excellent lawyer who is committed to finding a peaceful and fair resolution, a lawyer who can fit your budget too.
To find the legal representation that you deserve, contact a family law attorney today!