How Can I Keep Divorce Costs Down?
Divorces, like marriages, can be expensive. You might be able to spend a few thousand dollars or less, but you could easily spend $15,000 depending on a number of variables, such as attorney fees, moving expenses, and more. Try to get along with your husband if you want to keep divorce costs to a minimum. You should also seek cost estimates before hiring a mediator or divorce lawyer.
A standard divorce nowadays for a couple over 50 (with a home, retirement funds, and a lifetime’s worth of possessions) might cost up to $100,000. Thankfully, there are methods to reduce divorce costs much lower than that. Here are a few examples:
Set a budget.
If you stick to your budget, you’ll hopefully have more cash on hand after paying your legal expenses than you would have if you hadn’t started saving. Keep track of your spending and be aware of any expenses you might be eligible for reimbursement. You might be eligible for reimbursement for various expenses associated with your children if, for instance, you split parenting costs and have joint custody. Keep your receipts, and be aware of how to submit a proper reimbursement request. Keep track of the things you’ve asked for and the things you’ve received in reimbursements.
Go straight to court.
Even while things are finally returning to normal, they are still not entirely normal. The pandemic has left courts all around the nation with backlogs that can often last a year or longer. Because courts are even more sluggish than they always were, it is now more crucial than ever to try to negotiate with your spouse to settle differences out of court.
But even if courts weren’t backlogged, you want to avoid the courtroom unless you enjoy spending money. Prioritize alternatives. Many courts support alternative conflict resolution methods, including mediation and collaborative law, and hiring competent lawyers who focus on resolution rather than litigation.
Get your financial records organized
Divorce is largely a financial transaction; thus the less time your legal eagles spend gathering your financial documents, the more money you will save. The client’s file is organised, and the client’s finances are understood for about half of the work a divorce lawyer conducts. A significant portion of the expense can be avoided if you can maintain excellent organisation and gather your financial and banking data in a tidy and organised manner.
Jessica Emeryf from The Emery Law Firm in St. Louis advises assembling three years’ worth of tax returns, three recent pay stubs, bank and credit card bills, most recent statements for any auto or mortgage loans, investment and retirement account statements, and copies of titles and deeds. It is best to obtain these documents as much as possible electronically because paper records are more expensive for lawyers to process.
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