The divorce process is never easy. Ending a once-healthy relationship is emotionally and physically draining and will be heightened by legal proceedings, the potential division of assets, and starting a brand-new life without your partner.
Of course, the more money you have in your bank at the end of a divorce, the easier it will be to move on from the relationship. Here are six effective ways to save money during a divorce.
- Don’t Hide Your Assets
You may feel tempted to hide some of your assets from your ex during a divorce, but this can be a big financial mistake. Experienced family lawyers will know how to find hidden assets, which can lead to penalization in court. For example, if you fail to fully disclose your assets, you could receive a financial distribution penalty. Also, the court might instruct you to pay for some or all of your ex-husband or ex-wife’s legal fees.
- Hire an Experienced Lawyer
It is an intelligent decision to hire a lawyer that specializes in family law. As they will have experience with many divorce proceedings, they can help you navigate various obstacles and provide representation that will help you receive the best settlement. In addition, paying a little extra for an experienced lawyer may allow you to walk away with more assets while simplifying the complex, stressful experience.
- Turn to Additional Experts
In addition to finding a skilled lawyer, consider hiring other professionals to make the divorce process much smoother. For example, accountants, appraisers, and financial planners can estimate the true value of your assets, including your belongings, business, real estate, and more. Plus, they could help you gain a firm understanding of the tax implications of various settlement options, such as alimony and child support requirements. Finally, their experienced advice could save you a substantial amount of money during a divorce, which could help you start over with ease.
- Hire a Mediator
Court proceedings are often time-consuming and expensive. Remove the heartache from the process and save money by hiring a qualified mediator. By attending cost-effective mediation, you and your ex will have more control of the divorce outcome. Thanks to a mediator’s exceptional communication skills and negotiation tactics, both parties could reach a mutually beneficial agreement at a quick rate. If you can’t agree on various issues, mediation may help narrow down some decisions before a trial and simplify the process.
- Review Your Bills Monthly
Before hiring a solicitor, accountant, or appraiser, you must have an in-depth understanding of their various charges and how they work. Once you have hired their services, check the bills monthly to ensure you haven’t been overcharged. If you have a question about a fee, flag the issue right away and don’t wait for the completion of your divorce.
- Don’t Be Petty
As you might feel angry, upset, stressed, or hurt during the divorce process, you might feel tempted to argue over belongings you don’t want or haggle over nickels and cents. Leave emotions out of the process and focus on reaching an agreement as soon as possible. Attempting to hurt your ex during proceedings will only prolong the painful, expensive experience. Instead, keep your feelings out of the legal process, and compromise when necessary to reduce legal fees and finalize a divorce as soon as possible.