There are many emotional expenses associated with divorce, but the monetary expense can be high as well. Many people focus on expenses associated with the aftermath of divorce like child support and alimony, but the process of divorce itself can potentially cost tens of thousands of dollars.
Fortunately, there are ways that you can save money on your divorce. According to Forbes magazine, opting for a collaborative divorce can save lots of money.
What is a collaborative divorce?
Collaborative divorces cut down on the amount of legal personnel involved with the process. In a traditional trial divorce, there may be multiple lawyers, judges, paralegals, and other personnel involved with finalizing the divorce. Naturally, all of these legal professionals participating can make for a very expensive process.
A collaborative divorce usually only involves both parties with one lawyer each. Instead of taking the divorce to the courtroom, it happens across a conference table. Not only can this save a lot of money, but collaborative divorces give the participants more active say in the end terms of the divorce.
How else can I save?
Lawyers typically work on a billable hours system. In the majority of divorces, lawyers spend many billable hours trying to organize the assets of the ex-couple. If you take the time to organize and compile your assets prior to initiating the divorce, you can potentially save hundreds of billable hours.
Communicating smartly with your lawyer can also save money. While some exchanges are best handled over the phone, quick emails are more efficient for others. Again, the fewer billable hours your lawyer spends on the divorce, the cheaper the cost of the divorce becomes.
