As we all know, divorce can be a very expensive venture. However, it doesn't have to be. A recent article from Fox Business gave several tips for mitigating costs in divorce proceedings.
The first tip from the article was to set a divorce spending budget and stick to it. Like anything in life, planning out how much to spend ahead of time can help you to avoid heat-of-the-moment spending based on your emotions.
The second tip the article had was to skip going to court whenever possible. In many cases, court costs are the most expensive aspect of a divorce. Instead, the article advised to pursue mediation or collaborative law as an alternative to the traditional divorce process.
Mediation is a process by which the parties (with or without their respective attorneys) meet with a third-party neutral who facilitates negotiations aimed at settling various issues of the divorce. Because the mediation process can be done outside of the court process and without attorneys, it provides for much greater control and saves money in attorneys' fees.
Even though the mediation process can be conducted without attorneys, the article said that it is still very important to have an experienced attorney review the divorce settlement before it is filed with the court. Doing so can prevent mistakes that could come up later and cost a fortune to resolve.
The collaborative law process also gives the parties control over the divorce process and the divorce settlement. In this process, the parties and their attorneys sign an agreement stating that they will not go to court. This agreement puts pressure on the parties to make every effort to reach a settlement they can both agree to.
Finally, the article said that another money-saving technique is simply to be reasonable during the divorce process. If the case ends up going to court, a judge will make a ruling that he or she feels is fair. Reaching a fair settlement on your own through mediation, collaborative law or old-fashioned negotiating saves both time and money.
Source: Fox Business, "How to Make Your Divorce Cheaper," Andrea Murad, May 16, 2013