While divorcing your significant other will always come at a cost, you actually have far more control over how much your split ultimately costs you than you may think. Contrary to popular belief, not every divorce has to involve a lengthy and contentious court battle. Instead, many divorcing parties are increasingly finding that they can go their separate ways and work through their affairs without going broke in the process, and there are a number of things they are doing to accomplish this.
Forbes reports that, on average, an American divorce will cost you anywhere between about $5,000 and $50,000. However, there are several tactics you can employ to lower these numbers considerably and give yourself that much more money in your pocket as you begin to live life on your own. For example, if cutting costs during your divorce is among your primary objectives, consider these possibilities.
Opting for mediation
According to one study, you can save as much as $32,200 by undergoing mediation, as opposed to a traditional litigated divorce. Mediation involves you and your former partner meeting with an unbiased third party – the mediator – who will assist you as you work through numerous issues relating to your divorce. When you mediate, you can avoid each having to pay for your own attorney, and mediation can also improve the chances of you working through your issues and differences in a timely manner.
While it may sound like a no-brainer to act like an adult while your divorce is ongoing, it may surprise you just how many people revert to childlike antics during divorce proceedings. It will serve you well financially, however, to resist the urge to always have the last word and stop fighting over every last blanket or dish set. Instead, use the money you save on your divorce to buy new ones.
Remember, at one point, you had a genuine love for the person you are divorcing, and you do not necessarily have to go from best friends and lovers to enemies. In many instances, working together to streamline your split can leave the both of you in a better financial position to move on with your lives.