Saving Money on Your Divorce
Divorce is an emotionally and mentally taxing experience. Unfortunately, it can be financially draining as well. Taking the following steps can help to minimize the economic strain caused by your divorce.
Avoid Litigation If Possible
Mediation, collaborative divorce and other alternate dispute resolution methods can drastically reduce the cost of arriving at a divorce settlement.
In mediation, you and your spouse work with a neutral third-party mediator who facilitates discussions and helps you to resolve issues.
In a collaborative divorce, you and your spouse meet together with your attorneys to work towards a settlement. Other professionals such as child specialists and financial experts may also be included in the group. Through regular meetings, you and your spouse will negotiate the terms of an agreement and avoid the necessity of litigation.
In addition to being less expensive than going to court, both of the above approaches have the added benefit of allowing you and your spouse to maintain control of the outcome of your case instead of leaving it up to a judge.
Organize Your Own Records
Your attorney must clearly understand your financial situation in order to represent you effectively. Rather than accruing fees by requiring your attorney to spend time gathering and organizing financial records, you may perform this task yourself. Providing your attorney with a complete set of well-organized records (including tax returns, pay stubs, bank and retirement account statements, etc.) early in the divorce process will no doubt reduce your total costs.
Remain Calm
Emotions often run high during the divorce process. One or both parties may become fixated on establishing that he or she is the wronged party and that it is the other party’s “fault” that they are divorcing. The “wronged” party often refuses to compromise on what should be easily resolvable issues. This type of attitude results in unnecessary conflict and, in turn, in increased fees and costs. “Winning” the battles over who gets to keep the sofa is no victory at all if, as is usually the case, the cost of the “win” is greater than what the sofa is worth.
Prioritize
Identify what is most important to you (child custody/parenting time, spousal support, possession of the marital residence, etc.) and look to your attorney to concentrate his or her efforts on these issues.
Be Honest With Your Attorney
Your attorney may have to ask you pointed questions about sensitive and personal issues in order to provide you with effective representation. You must provide honest and complete information even if it is difficult or embarrassing to do so. Hiding assets, denying behaviors such as infidelity or substance abuse, or otherwise misleading your attorney will likely result in prolonging the divorce process and impairing your attorney’s ability to advocate effectively on your behalf.
Choose Your Attorney Wisely
At Armstrong, Roth, Whitley, Johnstone Family Law, we advocate zealously for our clients and strive to achieve the best possible outcomes while remaining mindful of the financial realities of the divorce process.