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How can I save money on divorce?

On Behalf of | May 22, 2020 | Divorce

There are multiple costs associated with a divorce. However, many people focus on the end cost. By this, we mean that the majority of the focus ends up on expenses like alimony or child support.

However, it is important to realize that divorce itself can be a very expensive process. Depending on how many assets you hold, the legal process of divorce can cost tens of thousands of dollars. According to Forbes Magazine, a good way to save money on your divorce is to consider a collaborative divorce.

What is a collaborative divorce?

When most people think of divorce, they think of a trial divorce. Trial divorces are usually the most expensive variety of divorce due to the amount of people involved in it. Most trial divorces require multiple lawyers and judges to divide all of the property and assets.

On the other hand, a collaborative divorce involves each party having their own lawyer and negotiating the divorce across a conference table. Collaborative divorces save a lot of money since they cut\ down on the number of legal personnel involved in the process. In addition, you will have more control over your divorce if you can go collaborative, since it is a negotiating process rather than having a judge decide everything for you.

What are the negatives?

In order to have collaborative divorce work, both parties have to be willing to negotiate. The best collaborative divorces have both parties focused on a fair and equitable outcome. If you are looking to “win” over your spouse in the divorce or vice versa, a collaborative divorce will not work.