Getting divorced is expensive. In most cases, the expenses have two primary causes: lawyer fees and court costs and the expenses of adjusting to life as a single person, which often means footing the entire rent and utility bills and making all car payments, insurance payments, and household purchases on one income. Because of these expenses, it is not uncommon for individuals to complete the divorce process deep in debt.
If you have a fairly amicable relationship with your spouse, work with him or her to reduce your expenses during the divorce process. Ideally, your divorce settlement will be a clean financial slate for you both. Even if you cannot achieve this, you can dramatically reduce the overall cost of your divorce by working together to save money.
Pay Down Debt Ahead of Time
When your marital assets are divided, so are your marital debts. If you have debt on your joint credit cards, use the time before you complete your divorce to pay this debt down. If you can eliminate it completely, close the joint credit cards. If not, split the balances and transfer them to new cards in your individual names.
Work with your Spouse to Work Through Certain Issues on your Own
Just like you can pay down your joint credit card debt together, you can make certain determinations about your marital property that will eliminate the need for the court to divide assets between you. If you each have a vehicle, transfer the titles to your individual names. Consider splitting household items and transferring any funds in joint checking and savings accounts to individual accounts.
It is also important that you are both willing to be transparent and cooperative about your property. Work together with an accountant or financial advisor to determine where your assets are and what they are worth. You might not be able to divide everything without outside professional help, but you can make this process easier by having all your documents easily available and a sense of how you would like to divide your assets.
Courtroom divorces are the most expensive type of divorce. If you want to save money on your divorce, the easiest way to do so is to choose mediation, which eliminates court fees and drastically reduce the amount of time you spend with your lawyer. Work with your lawyer to determine if this options is right for you and your spouse.
Work with Draper Law Office to Complete your Divorce without Breaking the Bank
If you are considering ending your marriage through divorce, speak with an experienced divorce lawyer to ensure that you are aware of all your options. You might find that you have options that you did not know about previously, options that can save you money. To learn more, schedule your free, no-obligation consultation with a member of Draper Law Office today by visiting our firm online or calling us at (866) 767-4711.