collaborative guest post
Divorce can be a stressful process. Not only do the parties involved need to contend with the emotional upheaval, but there’s also the money to think about. In many cases, however, it’s possible to make a split official without spending over the odds. Let’s take a look at some of the ways in which this might be done.
Seek Professional Legal Advice Early
It’s common for money-conscious couples to delay seeking legal advice, in an effort to save. But early consultation can help you to avoid expensive errors, and provide clarity on your situation that ultimately ends up making the divorce more cost-effective. Look for high-quality family law solicitors with a good reputation.
Consider Alternative Dispute Resolution Methods
In many cases, the bulk of the cost of a divorce stems from the in-court processes. If you can come to an agreement outside of the courtroom, then your legal expenses will be vastly reduced. You don’t need to grab for every penny – in most cases, the savings that you make in legal costs will benefit both parties.
Obtain Independent Financial Advice
If you’re offered a settlement, it’s often a good idea to have it looked at by an independent third party. This will help you to understand exactly what you’re agreeing to. It might be that the deal comes with implications that you hadn’t considered. A good financial adviser will also help you to plan your finances in your new post-marital life.
It’s worth bearing in mind that the costs involved in a divorce are constantly shifting. There has been a conscious effort by legislators in recent years to push divorce proceedings out of court, in order to ease pressure on the system.
A good financial advisor will be aware of the incentives in play, and help you to work around them. While it’s a good idea to do your own research, it’s also worth remembering that an expert will always know more than you do.
Be Transparent About Financial Disclosures
It’s important that you’re completely honest about the state of your finances. If you try to hide money from your spouse in a secret account, or you have assets or debts somewhere that you aren’t disclosing, then you could be made to pay additional legal penalties. On top of this, you’ll drag out the divorce proceedings, which might add to your costs further.
Plan for Future Financial Independence
After your divorce, you might enjoy payments from your former spouse. Whatever support you’re getting, it’s important that you have a plan in place to manage the cost of living and to enjoy a stable financial life in the wake of the separation.
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