Whether you and your partner are splitting up amicably or bitterly, dividing your assets during a divorce isn’t simple or cheap. Any process that involves divorce lawyers will come at a cost, but there are ways that you can limit some of the costs.
The most expensive divorce in history cost a reported $604 million. Even though yours won’t cost this much, costs can rack up quickly if you become emotionally involved or are unaware of the process. Here are some of the most expensive parts of the process and how you could limit your costs.
The Cost of Lawyers
You should shop around before you select a lawyer to represent you. If you know people who have been through a divorce, then you may have recommendations, which are a great place to start. However, contact a number of people and find the best lawyer for you in your circumstances.
If possible, before divorce proceedings begin, speak to your partner about dividing assets. This can be a difficult situation but by putting this framework together independently and agreeing some (if not all) parts, you may save a large sum from lawyers contacting each other and constantly bargaining.
Then, when you’re in the process of getting divorced, it can be wise to contact your lawyer as little as possible. When you do contact them, you should keep the chat as structured as possible. You can do this by writing down any questions you may have, which will help keep your correspondence on point. You will find that many divorce lawyers charge per hour, per meeting or per call, so make sure that any contact you have with them is necessary.
When you’re going through a divorce, it’s likely that you’ll be highly emotional, particularly if children are involved. However, spending isn’t always the answer. When going through a divorce, many people often spend large sums on their children, either under the belief that it will make them feel better and like nothing’s changing, or in an attempt to become the “favourite parent”.
However, it’s important to remember that as part of the divorce, you’ll be going down to a single-household income, so you need to monitor your spending closely, particularly if you’re running up credit card debt.
Fighting for a Fair Split
When undergoing a divorce, some people spend thousands of pounds on legal costs trying to get a “fair split”. However, although you’ll undoubtedly want to aim for fairness in the divorce, there really is no such thing as the perfect, fair split.
You could spend thousands on legal fess trying to fight over something that has a cash value of hundreds. So always evaluate how much an item means to you and what its true cash value is. By using your lawyer as judiciously as possible, you’ll keep your fees lower.
Sadly, legal fees when undergoing a divorce will always be high. But by taking these simple steps, you may be able to limit the overall cost.