The divorce process can be lengthy and costly. However, there are ways to reduce expenses and time spent. When evaluating your options during this process, keep these ideas in mind so you aren’t surprised by your bill and time invested once all is said and done.
1. Consider alternative dispute resolution options.
There are several methods to work out a settlement that can save you a lot of money. If you and your spouse are willing to discuss things openly, you should consider mediation or collaborative divorce. The more open you are to come together and get a settlement worked out, the more you will save in costly legal fees. For more information on mediation and collaborative divorce, check out our other blog posts, “What is Collaborative Divorce?” and “Mediation vs Collaborative Divorce Process Comparison”.
2. Be organized.
Simply being organized can be an extremely efficient time and money saver in this process. You will be asked to provide a lot of information at the start, regardless of what method you use to settle your case. Not only will you need statements for all your accounts now, but you may also need to provide updated statements as the process progresses. Consider making yourself a list of all your accounts, assets, and debts with a reference guide for where to get the updated information as new statements become available each month or quarter. For more information on what kind of information to have prepared, check out our blog post, “Divorce Financial Planning Document Checklist”.
3. Know your numbers.
Negotiation 101 – know your bottom line and what concessions you would be willing to make to get to a settlement. You may want to consider making a list of what is most important to you and what is least important to you. It will help when discussing different settlement options so you are prepared to negotiate and know how much you would be willing to give from your ideal settlement. The more prepared you are, the better.
4. Keep an open mind.
This is by far the most difficult piece to prepare for, but it is important to try your best to take a step back along the way and clear your mind. If you get too set on one specific outcome, you may miss a very reasonable compromise that could be your best solution. Listen to the experts who you choose to advise you along the way and try to consider all available options. You never know what creative solutions may be out there.
It can be easy to run up the bill during this process, but there are some ways to keep your expense down. If you need help with any of these options or want to explore the financial options available for your case, give us a call to discuss.