Divorce is rife with many obstacles, both monetary and emotional. In terms of money, many people worry about the expenses that come after divorce, like potential alimony or child support payments.
However, particularly if you are looking at a high asset divorce, the process itself can end up costing tens of thousands of dollars. It is important to understand how to manage the cost of your divorce. According to Forbes Magazine, you can save a lot of money choosing a mediated or collaborative divorce over a trial divorce.
What are “mediated” and “collaborative” divorces?
Mediated and collaborative divorces keep the divorce process out of the courtroom. Trial divorces are extremely expensive because they require an army of lawyers and judges to make all of the decisions. Both mediated and collaborative divorces reduce the amount of legal personnel involved in the process, thus reducing the cost.
In a mediated divorce, a lawyer is often not even necessary. Rather, a neutral third-party mediator helps guide both ex-spouses toward agreement. In a collaborative divorce, both parties have their own lawyer to advise them, but the collaborative process on the ultimate outcome is the same as in a mediated divorce.
How else can I save money?
Particularly in high asset divorces, lawyers spend hundreds of billable hours tracking down assets. If you and your ex-spouse have your assets in order prior to the formal divorce process, you will save thousands of dollars.
Another way to save money is to be mindful of how you contact your lawyer. Sending emails takes less time as compared to having your lawyer on your phone. Of course, there are some conversations that are better done talking in real time as opposed to through written discourse, but be judicious about this.