Divorce On A Budget: Can It Be Done?
No one wants to spend money unnecessarily. However, legal issues like divorce can seem like a black hole for those trying to save a few bucks. You can be divorced for a very small legal fee in many cases. However, married couples that want to take advantage of an uncontested divorce must meet the guidelines. In most cases, that means not having any minor-aged children involved. The fewer assets you have, the better and that goes for debts also. Finally, you should both agree on every aspect of the divorce settlement agreement. Simplified divorces using a lawyer may be as low as a few hundred dollars along with your county filing fees. If your goal is to divorce and spend as little as possible while doing so, read on for some tips.
Make Your Own Agreements
Without a doubt, one of the worst money wasters in a divorce is litigation. Court costs are expensive, and then you still have the legal fees to pay. If you want to spend less on your divorce, work things out on your own. Get started by discussing the below issues and gauge how far apart you are from each other:
- Child custody and visitation
- Asset divisions
- Debt divisions
- Retirement account divisions
- Being honest about financial situations, like business accounts and more
Use Mediation for Disagreements
Even if you and your spouse have problems agreeing on some matters, you might still save some money by taking your disagreements out of the courtroom. Mediators help warring couples to compromise themselves towards a workable, enforceable agreement. They do cost money, but the cost is not nearly as much as court costs and legal fees might be.
Make the Appropriate Party Pay
If your divorce is too complex and there seems to be a lot of money attached to it, consider getting some protection by way of help paying legal costs. In cases where one party has a distinct financial advantage over the other party, the judge can order one party's legal bills paid. If your spouse has most of the money in the relationship, they may also have most of the power when it comes to divorce. Talk to your lawyer about this situation as soon as possible, before legal costs begin to pile up.
Be forthright with your divorce lawyer and let them know about your financial situation from the beginning. They may have more ideas for saving money on your divorce. To learn more, talk to a local divorce attorney.