Divorcing? Consider heeding these financial tips

The process of dividing one household into two households is rarely inexpensive. If you and your spouse have recently decided that divorcing is the healthiest option for you, you are likely concerned about the ways in which the divorce process will affect you financially. Thankfully, if you approach your situation thoughtfully, you can keep your divorce-related costs relatively low.

There are two primary categories of expenses that you will be challenged with throughout your divorce process. The first is the set of legal expenses directly tied to the dissolution of your marriage. The second is the set of expenses tied to dividing your physical household.

Legal expenses

There are two main factors that will determine whether your divorce process ends up being relatively expensive or inexpensive. These two factors are you and your spouse. This remains true whether you are dealing with complex and substantial assets or few assets, you have children or do not have children, own your home or rent it.

If you and your spouse fundamentally disagree on matters of property division or child custody, your legal expenses will likely be higher than they would if you did not have a fundamental disagreement. Your attorney will need to invest billable hours in order to advocate on your behalf in regards to matters of disagreement.

But regardless of whether you have a fundamental disagreement that cannot be bridged without intervention or intense negotiation, you can still keep your legal costs relatively low if you prioritize and keep those priorities in mind. Each time your attorney is required to invest billable hours in resolving an issue, your legal costs go up. If you can commit to only fighting those battles worth fighting, you can keep your legal costs relatively low.

Personal expenses

The process of dividing a household can be expensive. But you can keep these costs lower than they would otherwise be if you are conscientious about your approach. Evaluating your household income, assets, debts and general budget so that you know what to expect in the short, medium and long terms as a result of your divorce may be immensely beneficial. When you know where your money is going, you can spend more wisely.

In addition, keeping your financial papers in order will save you unnecessary stress and will save your attorney billable hours that would otherwise be spent organizing them. Financial paperwork can be daunting, but remaining organized can help immeasurably. 

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