How Can I Keep My Divorce Costs Down?

 Posted on August 19, 2016 in Divorce

Getting divorced can be expensive. Between the meetings with your attorney, the time spent out of work to attend court hearings, and the added expenses of reaching a fair settlement, such as hiring a child custody evaluator or a real estate appraiser, your divorce can quickly become a money pit. For some couples, there is no way to get around these expenses. But for others, there are a few viable ways to reduce the expenses of ending a marriage.

Talk to your lawyer about ways you can save money on your divorce. A good lawyer wants to save his or her clients money and will work with you to find ways to make this possible.

Consider Mediation or a Collaborative Divorce

One of the greatest expenses divorcing couples face is the expense of litigation. When you involve the court system in your divorce, your expenses can spiral out of control very quickly. If you have an amicable relationship with your spouse, though, you can save money by either working with a mediator to reach a fair divorce settlement or by collaborating to draft your own settlement. In either of these scenarios, it is still important that both party retain his or her own lawyer.

Have All of Your Financial Information Available

Before your file for divorce, take full inventory of all your marital assets. This way, you will not have to spend time and money working with your accountant or lawyer to pour through your files to get a clear image of your marital estate.

Agree on Issues in Your Settlement Beforehand

Issues you can determine beforehand include what you will do with your marital home and whether one party will seek spousal maintenance. Communication is key to determining these issues, so if you cannot communicate effectively with your partner, you might not be able to save money this way. Basically, the more control over your divorce settlement you and your partner have, the lower the overall cost of your divorce will be.

Recognize the Areas Where Expenses Will Crop Up

Sometimes, divorce expenses are unavoidable. For example, if you have children, your divorce will cost more than a childless couple's divorce because you will need to take the time to determine an appropriate parenting time agreement and child support order with the court. But by knowing which areas of your divorce will be expensive, you can budget for these costs and look toward other areas, such as the division of your property, to find ways to save money.

Work with an Experienced Kane County Divorce Lawyer

If you are considering filing for divorce, first speak with an experienced Kane County divorce lawyer to determine what you can do to make the process as easy and inexpensive as possible. Depending on your circumstances, certain money-saving options might not be available to you. But you might be able to take advantage of certain options that you did not even know existed. To learn more, schedule your initial legal consultation with a member of our team at the Goostree Law Group.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000