Divorce can be physically and emotionally taxing. But it can also be extremely financially draining. You no longer have a second income to rely on, and the cost of your divorce can add up quickly. However, while there are some expenses that are unavoidable in the divorce process, there are things you can do during your divorce to help you save money.
Mediation is a beneficial option for couples who are willing to sit down and have a cooperative conversation. If mediation is right for you, it can allow you and your spouse to negotiate with one another and find solutions that work for everyone. But these aren’t the only benefits to mediation.
Cost-wise, mediation avoids the expensive courtroom hearings and allows you and your soon-to-be-ex to jump right into proceedings without having to wait for court schedules to align. You could save a lot of money by choosing mediation over taking your divorce to court.
Stick to deadlines
Regardless of whether you choose mediation or a court divorce, another way you can save money during your divorce is to be fully prepared to meet all your deadlines. During the process, you will need to provide important documents to your attorney or the court. You’ll also have to attend hearings or meetings. It’s crucial that you stay on top of these tasks. Being prompt can help speed up the divorce process, which will ultimately save you money.
Disclose all assets
Being open and honest about all your assets is also something that can help move the divorce process along. If you or your spouse discover the other one is holding hidden assets, it can lead to extended hearings. You may even face penalties and punishment if you were the one with hidden assets. Ultimately, disclosing all your assets upfront can save you time and a significant amount of money.
Good preparation is also key
When you know divorce is imminent, preparing yourself for what’s to come is an important factor in making sure you know how to get through your divorce in a cost-effective manner. Taking the steps you can to save money during this difficult time can put you on the path to a secure future after divorce.