Strategies for Saving Money in a Divorce
Divorce is currently on the rise nationwide. Sometimes couples simply have to end their relationship for various reasons. In addition, an expensive divorce can have a profound impact on a person’s financial status. Both partners can save money as the financial, legal, and emotional issues of divorce approach. An average American divorce costs range from $14,000 to $30,000. Here are some strategies for saving money in a divorce.
Try the simplest way first. The cheapest and easiest method for a divorce is to do all the paperwork and negotiation on your own. Assistance is available on various websites with services and information on legal forms specifically targeted for future divorcees. Do-it-yourself sites allow couples to save thousands of dollars that would otherwise by spent in a divorce court. If professional assistance is needed there are collaborative and mediation experts available as another alternative to court. However, court battles cannot be avoided always. If going to court is the only option, avoid an endless litigation cycle by communicating and providing all necessary documents with honesty.
Search for the best possible lawyer. Look for a lawyer specialized as a resolution expert. The resolution practice code enables for a non-confrontational and constructive approach to a satisfactory divorce.
Cancel all joint accounts. This common step is generally missed in court for the asset division. Seek legal advice to agree on a monthly budget to manage expenses and accounts in an equal manner.
Make a testament and create a joint tenancy. If assets are under joint custody and pass directly to the spouse upon death, end the joint tenancy with a property notice of common tenancy submitted instead. Moreover, new insurance policies may be more expensive. Professional advice is recommended before any coverage is cancelled. Make or update a will as well.
Get an IFA (independent financial adviser). Check all expenses to anticipate for financial changes after the divorce takes place. An independent financial adviser with resolution training creates economic settlements and guides for future income expenses with individual budget targets.
- Avoid living with a new partner until the divorce is settled. Courts, depending on the state, could consider the new partner’s income for the settlement of payments and support.
Getting a divorce is always a stressful situation. Following these steps can assist in reducing the emotional and financial costs of a divorce. Good communication is key in resolving divorce issues in the fastest and simplest way. If a lawyer is needed in the end, remember to have all documents and information ready since charges are billed by the hour.
This article is provided courtesy of Bad Credit Loans Direct, a consumer finance website providing information and resources on fast loans for bad credit and other personal credit services.