Divorce is a notoriously expensive process. The strain on your finances can add another burden to an already stressful situation. From legal fees to finding new living accommodations to dividing marital assets, you stand to lose a lot of financial security. Fortunately, there are a few strategies that you can use to keep your expenses down during your divorce.
Cost-saving tactics for divorce
Keep in mind, every divorce is unique. The tactics that work for one couple may not work for you and your ex. However, these are few tried-and-tested methods that can help you keep costs to a minimum:
- Pick your battles
Some hills are worth dying on in your divorce. Others, though, you can drop. Rather than hold on to an issue for the sake of a win, do not be afraid to choose your battles wisely.
- Don’t drag things out
Divorce can stretch on for an unnecessarily long time, especially if one spouse is not cooperating. If possible, make the deliberate decision not to drag out your divorce. If your spouse refuses to speed things up, try to have a frank and honest discussion about the financial benefits of a time-efficient divorce.
- Work with a mediator
Mediation is one of the least expensive methods of divorce. Spouses and their attorneys work with a neutral mediator to reach a divorce settlement privately. This can save thousands of dollars for both you and your ex.
- Choose a collaborative divorce
If mediation is not right for you, consider a collaborative divorce. It combines aspects of mediation and traditional divorce litigation. In a collaborative divorce, spouses work together to resolve as many issues as they can out of court. Though it may not save as much money as mediation, any amount counts.
You may feel overwhelmed by the thought of your post-divorce finances. Keep in mind that divorce is a chance for a fresh start. Although your bank accounts, retirement benefits and living space may look very different from how they did before your split, you have the opportunity to begin a new, happy and financially secure life.