Divorce impacts families in numerous ways. Firstly, it’s a highly emotional event that couples may not have anticipated. On top of that, there are several financial aspects to consider.
Not only may both spouses be worried about receiving a fair divorce settlement, but the legal process itself can cost money. While couples can’t completely eliminate costs in divorce, there are ways to keep this number down. Outlined below are a few things to consider.
Have your financial records ready
Property division can be complex. It becomes even more complicated when assets cannot be easily found or valued. The financial records of both you and your spouse must be clear and transparent. You can ensure this by having all of your documentation at the ready.
Hidden assets and disputes over valuations lengthen the divorce process, which ultimately increases the financial cost.
Choosing the appropriate process
If you and your spouse are still on relatively good terms, then you can carry this into divorce proceedings. Contrary to common misconceptions, divorce doesn’t need to be a battle. The more you and your spouse are able to cooperate and compromise, the smoother the divorce will be. A smoother divorce means a cheaper divorce.
Complex divorces can run into tens if not hundreds of thousands of dollars. The good news is that these cases are usually highly contested and lengthy. Your divorce doesn’t need to be this way.
Seeking legal guidance can give you a better idea of which type of divorce you should pursue. You’ll also get an indication of how you can reduce the stress and financial cost of proceedings.