While divorce can present an opportunity for a fresh start, it is by no means an easy process. It can result in emotional adjustments, relationship changes, relocation and financial strain.
The average divorce tends to cost between $10,000 and $20,000, but complex divorce cases can run into much higher figures. What can you do to keep the cost of your divorce down?
Be proactive
Property division is one of the more complicated aspects of divorce. Spouses may need to divide shared savings, bank accounts, retirement funds, real estate, businesses and so on. Joint debts will also be taken into consideration.
The longer divorce negotiations take, the higher the costs. Spouses can increase efficiency- thus reducing costs- by being as organized as possible. All relevant assets should be declared to the courts at an early stage rather than hidden. Valuations of assets should be in place before proceedings commence.
One of the biggest causes of delays to divorce occurs when one spouse tries to hide assets. These assets have to first be found, and then valued, which can take a considerable amount of time.
Be cooperative
How each spouse approaches divorce negotiations can also make a huge difference in costs. If one or both spouses are willing to battle it out, then costs go up. On the other hand, if spouses can compromise and remain cooperative, costs come down. If spouses can be on the same page regarding property division, child custody and other key issues, then the court can quickly sign off on agreements with little interference.
Armed with the right legal information, your divorce can be efficient and inexpensive.