Getting a divorce is never pleasant. It’s certainly not something any of us aspire to. Yet, it’s more common than ever for marriages to end in this way and in many cases, it’s for the good of the family. While getting a divorce has emotional costs, another aspect that you need to consider is the financial cost. Both in the short and long term. Here’s a look at how you can save money.
One of the main reasons divorce costs start to spiral is disagreement. Try to keep things civil with your partner. Sit down together and have realistic conversations about your plans. Try to reach an agreement. If you both agree to the divorce and the reasons for it, you can save a fortune on court costs, solicitors and loss of earnings due to dates and meetings.
If things progress well and you can maintain a reasonable relationship, try to reach financial settlements together. Remember in these discussions to be clear, honest and realistic. Do your best to keep emotion out of it. This is the hardest part for many people.
Do Your Research
You need to know what to expect in order to prepare. So, do your research. Look into solicitor’s costs, court fees, divorce costs and any future payments you could be expected to make.
Think of the Future
Getting a divorce is probably one of the hardest things you will ever have to do. It’s hard to look to the future when you are going through such an enormous change. But, you need to know that your future is protected. Buying a property before divorce can be difficult, but it can also be an excellent way to protect your finances and ensure that you’ve got a fresh start waiting for you.
Being organised can save time, which in turn can save you a lot of money. Even if you can’t reach an agreement with your partner, you can prepare your finances and accounts ready. In this respect, your first step should be knowing what you want from the settlement and what you are likely to get. Then, you can prepare all of your financial documents and paperwork ready. This can make the whole process significantly faster and cheaper.
Chances are, you will need help at some points. You may want to hire an accountant, divorce lawyer, advisor and perhaps even a counsellor to help you to reach the best outcome, both financially and emotionally. An accountant, for example, can value your properties and businesses accurately and provide the courts with guaranteed documents.
But, don’t rush out and hire the first person that comes along. Make sure you find someone that offers all of the services that you require, for a reasonable price. You could even consider speaking to paralegals, students, and assistants, all of whom could offer you excellent advice at a much cheaper rate.
Divorce costs can vary hugely. But, there are many ways to save money and prevent financial ruin, just by being sensible and well prepared.