The financial costs of divorce can be reined in when people take certain steps before and/or during the process. If you are serious about managing the costs of your divorce and keeping them as low as possible, doing the following can be helpful:
- Do some strategic divorce planning before you file – Before filing a divorce petition, preparing your important financial documents (related to your marital assets and/or debts) can be incredibly helpful in reducing your divorce costs. That’s because this can facilitate the divorce discovery process, cutting down on both the time this aspect of the divorce takes – and the costs associated with it.Some example of the documents to get together include income tax returns, titles/deeds, business documents, bank documents (like savings and checking account statements), and debt-related documents (like loan documents, credit card statements, etc.).
- Determine what you want versus what you can compromise on – If you go into your divorce with some specific goals in mind, you will have a clear idea of what you want to fight for – and what you are willing to give or compromise on. In fact, if you are open to compromising on at least some things, it’s possible to:
- Motivate an ex to also be open to compromise – Working with an ex to resolve the issues of a divorce can make for better outcomes (as the involved parties can have a direct hand in the resolutions, rather than leaving these decisions up to the court).
- Reduce the duration and costs – With more compromise, that will mean less time in court, likely making for a faster and cheaper process.