Divorce is expensive, there is simply no getting around that fact. In fact, for many couples, divorce can be financially devastating as they try to meet the financial needs of two households instead of one (with virtually the same level of income). There are some ways to lessen the financial burden on you and your family. Here are a few tips for saving money during your divorce:
1. Develop a budget: While you cannot always control all of the expenses related to a divorce, you can control your other spending during this time. Cut down on unnecessary expenses, cancel services that you do not absolutely need and stay on a budget when it comes to groceries, eating out and entertainment. Put any extra money you can store away each month into an account for an emergency, or to help cover the cost of divorce.
2. Make a list of your assets and debts: Dividing up joint assets is one thing that has to be done for every divorce. So, before you even begin, you can make a detailed list of everything that you own together. This may include property, but you should also keep in mind such things as retirement accounts, stocks, bonds and educational funds. Having this list ready to go will save you time and money.
3. Stay organized: Time is money and the more you can do to keep yourself organized, the less you will have to pay others to help you. If you decide to pursue your divorce using the traditional court system then you will need to hire an attorney, who you will pay by the hour. The more organized you can be, the less hours you will need to pay them. It’s simple math. The more you can do yourself, the less you will have to hire someone else to do for you.
4. Consider mediation to settle your divorce: Mediation is dramatically less expensive than litigation and also saves you and your family a lot of time. You do not have to hire attorneys (unless you want to) and can resolve the terms of your divorce without setting foot into a courtroom. Mediation generally saves between 20-50% of the money spent on litigation.
Is Divorce Mediation Less Expensive Than Litigation?
If you choose to work with the team at AMS Mediation, you can expect to spend about $4000 total on your divorce. This is a lot of money–no question, but thousands less than you would spend if you go to court. For more information about our mediation services, call us at 952-252-1492 for a free consultation.
