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Reducing the costs of divorce

Divorce can be a costly affair, and it is important for couples to understand going into the process how they can work to reduce these costs. While there are various legal strategies that can help to reduce the costs of divorce, here we’ll mention several general strategies that are particularly important.

Concerning the divorce process itself, it is important for parties to understand their options in terms of resolving their case. While it is certainly possible to litigate disagreements over money and custody, it is also possible to solve them through some form of alternative dispute resolution. This can help cut down on costs by keeping couples out of court. 

Parties to divorce should also understand the importance of making a financial break from their partner, as this is an important way to reduce personal liability. This especially means closing down joint accounts which could leave one spouse paying for the mistakes of the other spouse. It also means opening up one’s own accounts and becoming financially independent. In addition, it is a good idea to keep an eye on one’s credit report to ensure there is nothing there that needs to be corrected. All of this will help one with becoming financial separate.

In addition to separating financially, spouses need to learn how to fully manage their own financial life after divorce. This is particularly important for spouses who were not breadwinners and who had a minimal role in handling the family’s finances. This aspect of divorce can be challenging for those who have never been overly concerned about living on a budget, but is an important set of skills to learn in order to adapt to one’s post-divorce financial situation.

In addition to these general strategies, it is also important for divorcing couples to work with an attorney who will not add to their bill. The kind of attorney to look for is one who realizes that efficient resolution of disputes is an aspect of zealous advocacy, and who is clear about a commitment to making wise use of time and resources.

Source: ABC News, “How to Protect Your Finances in a Divorce,” AJ Smith, March 31, 2014

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