How to save your money during the divorce process.
They say that the most stressful situations in life are the death of loved ones, moving, financial troubles and going through a divorce. Going through a divorce is really tough. Not only is it emotionally heartbreaking, stressful and exhausting, but it is also financially draining. On average a divorce in America costs $15 000 per person. That’s a huge amount of money, that most people don’t just have to pay on divorce fees. If your trying to find ways to save money during the divorce process, then this article is for you. In just a few paragraphs, you will learn how to save money during your divorce process.
- Choose an online divorce company.
Many couples are choosing to use an online divorce company rather than going to the traditional divorce route. Online divorce companies are so much cheaper than having a traditional divorce. Most online companies file your paperwork for you and help you with any legal advice that you will need. Just remember though, that you will need to enter a questionnaire to see if you qualify for an online divorce. You can use an online divorce company if you have no young children, you and your spouse agree on how to split your assets and debts and there are no major complications to your divorce. An online divorce company can charge you a flat fee for as little as $300. You will also get your paperwork sent to you within 24 hours. Choosing an online divorce company is a great way to save money during the divorce process. Find out more about the online way to get a break-up by following the link.
- Be realistic about your goals
When it comes to getting a divorce, you might have visions of yourself cleaning your ex out for all the money they have. Owning all the vacation homes and having enough money to never have to work again. If this is the case, you might want to rethink your expectations. You need to be realistic about what you will be able to get out of the divorce settlement. If you find a lawyer who promises you the world, you need to be cautious. If you have high hopes, it could end in major arguments and this could lead to court. The last thing you want to do in a divorce is to go to court. This is a stressful and costly procedure that you do not need in your life. Be realistic from the beginning and try your best to come to a settlement with your spouse. Lawyers charge per hour. So the more time you spend arguing, the more money you will be losing.
- Don’t get a divorce.
If you really want to save money, don’t get a divorce. Have you tried everything in your power to work things out? Have you perhaps been to a marriage counsellor? If you honestly feel that there is absolutely no hope for your marriage, then the divorce will be the only option, but remember that even a simple divorce can be expensive. It might be cheaper to seek counselling.
- Close shared credit card accounts
Once you decide that you will be getting a divorce, it’s important to close shared credit card accounts. You wouldn’t want your ex to max out your credit card out of spite. Even if they wouldn’t do something so sinister, it’s still a good idea to close these accounts, as you wouldn’t want to get into unnecessary debt, during a divorce. Also going into debt could mess with your credit score, and this will just cost you more in the long run.
- Keep track of your income and expenses
If you weren’t the one in charge of finances during your marriage, it would be a good idea to start keeping track of your income and expenses. If you are efficient with your finances, you will be able to save money during your divorce. Keep track of the money you receive from alimony, child support and other expenses. It would be a good idea to make copies of all the financial statements and then file them. If you know exactly what money is coming in and what is going out, then you will be able to be responsible with your money. This will help you to save whatever is extra during a divorce. It is also important to have a budget. You need to write out all your expenses and your income. It can be really tough going from two incomes to one income, so you need to be extra vigilant when it comes to spending.
- Choose the right attorney.
If you end up with a contested divorce, it would be wise to choose the right attorney. Research which attorney would be the best but also the most affordable. Some attorneys rates are ridiculous. Therefore it would be wise to choose an attorney who isn’t the most expensive. Remember attorneys charge per hour. So when it comes to meeting with your attorney, make sure to write out all your questions, so you know exactly what to ask. If your thoughts are prepared, you will then be able to save time with your attorney and this will save you money in the long run. Also, read this piece of content to know more about choosing the right divorce attorney.
- Aim for an uncontested divorce.
If you and your spouse have an amicable divorce, then you will save money. You might not even need to use an attorney in this case. You could just hire an attorney to review your paperwork and make sure that everything is in order. In an uncontested divorce, you agree to all the terms of your divorce. You split all your assets and debts equally and agree to child custody and so on. If you can have a simple uncontested divorce, then you will really save.
- Hire a financial planner
If you are unsure about how to budget and work with your money, you could always see a financial planner who could give you fantastic advice and really help you manage your finances, during your divorce and after your divorce.
- Choose mediation instead of litigation
Going to trial is extremely expensive. Rather than going to court, do whatever you can to come to an agreement outside of court. Don’t try to punish your spouse by going to court. You will be hurting yourself financially.
- Have your attorney explain their fee structure.
Knowing exactly where your money will be going during a divorce is really important. Your attorney should give you a breakdown of what they charge and for what. If you know what they charge, you will be able to save. Do they charge to send emails, or charge you for travel time? If that’s the case, you could send your own emails or meet them at their offices instead.
No one expects to go through a divorce. On your wedding day, divorce probably never even came to mind. So when divorce happens it can come as a shock and leave you feeling unsure and unprepared. A divorce can be managed. You can have an affordable divorce with some planning and some research. If divorce is your only option, make sure to reassess your finances and speak to the correct professionals.