Divorce can be a costly and time-consuming process, especially if you’ve been married for a long time and accumulated a significant amount of assets and property over the course of your marriage.
While certain fees are unavoidable, there are ways to cut costs and efficiently achieve your goals. Consider the following steps you can take to minimize expenses related to your divorce:
- Use alternative means — It’s not always necessary to go to court to settle a divorce. Many divorcing couples today use alternative dispute resolution methods like arbitration or mediation, which allow you to avoid litigation and negotiate with your former partner on issues like property division, child custody and support and alimony.
- Report your income truthfully — One of the most common reasons divorce negotiations stall is that one spouse believes the other has not accurately reported his or her income. Be open about your income to avoid this potential delay.
- Close all joint accounts — You should close all joint credit cards and open separate bank accounts as soon as you have decided to divorce. If you or your former spouse continues to spend money through joint accounts, both of you could be liable for paying off that debt, even after the divorce has been finalized.
- Remain open-minded — As you approach your divorce, gather a list of expectations, but be flexible. If you’re able to negotiate a settlement in an amicable way, you can avoid the expenses associated with litigation and move on with your life much more quickly.