Six Ways to Reduce Legal Costs During a Divorce
For many people, the divorce process can be quite costly. Assets will need to be divided and lawyers will need to be paid. However, you can do the following to make the divorce process more bearable financially:
- Choose settlement-oriented attorney with enough experience: Your lawyers should have the approach and style that well resonate to you. The attorney should have great experience and knowledge related to family and matrimonial law. Ideally, your lawyer should be concentrated in this area during their daily practice. You may need to ask some basic questions to know whether a lawyer has good enough experience.
- Focus on mediation: Instead of having strict splits of assets, it is better to mediate and collaborate with the opposing party. With mediation, agreement can be reached without a long and expensive legal process. Other issues like parenting time and custody can also be reached using mediation process. In fact, when the mediation process is successful, it is not necessary for both parties to go to the courtroom. You can reach higher rate of compliance by using common sense and proper communication. Collaborative divorce process could actually ensure that each party to reach the highest amount of settlement, especially if it isn’t necessary to settle issues in the court.
- Focus on goals and interests: You need to know what’s more important for you, your children and your financial future. Children shouldn’t be too affected by the divorce process. Children still have two parents and make sure that they have meaningful contact all the time. It would be better if both parties have the same goals and interest, so they can work together, despite being in a divorce process. It would be good for the mediation process as well, if you identify the goals and interests of your spouse. It would be helpful to make the goals of your spouse as yours as well, especially if they can be beneficial for everyone.
- Do things creatively: You need to seek creative ways to achieve your goals. Instead of blaming anyone, you should seek to gain positive outcomes. Brainstorm proper ways to achieve all of your goals. Focus on establishing a proper co-parenting arrangement to ensure that your children will continue to be nurtured.
- Make a list of assets: It would be easier, faster and cheaper if your assets are well documented. Gather all necessary documentation, property title, insurance policies and brokerage settlements. You should know about the approximate values of your assets. The list should also mention whether an asset is hold individually or jointly by both spouses.
- Make a list of debts: Not only assets, debts also need to be divided between spouses, after the divorce process. Again, the list should also show whether the debt is handled individually or jointly. As an example, student loans and credit card debts are often handled individually, while mortgage and car loans may need to be paid jointly.
By educating yourself, you can make the divorce process much easier.