It goes without saying that a divorce has the potential to be extremely expensive. Depending on the amount of time you and your spouse argue over your assets, negotiate or involve your attorneys, the costs could grow exponentially.
One important question you may have is how to reduce those costs. The goal of your divorce isn’t only to get separated but to save as many of your assets as possible.
What can you do to make sure you save as much as possible during divorce?
- Use mediation or arbitration
One thing you can do is use mediation services if you can’t agree. Instead of having your attorneys negotiate for you or dragging out the divorce for months or years, take some time in mediation.
In mediation, a third-party mediator helps you negotiate with each other. The mediator doesn’t come up with a solution, but he or she will help guide you toward one.
If mediation doesn’t work, you can also try arbitration. Arbitration is similar, but at the end of a session, the arbitrator makes a decision for you.
- Keep communications short
Another way to save money is to keep your communications with your attorney as short and to-the-point as possible. Yes, your attorney is there to help you through your divorce, but he or she will also bill you for time. Whether you spend an hour crying in the office or an hour working through negotiations, the fees will be the same. Keep that in mind to reduce your overall spend.
- Close your shared accounts
Finally, close your shared accounts. This prevents your spouse from using the funds or charging up credit cards when you’re already in the process of divorcing. If you have your own independent accounts, that can’t happen and you won’t have to worry about taking on those debts.
These are a few tips for keeping costs and expenses down during divorce. Keep them in mind as you negotiate to save yourself time and money.