Let’s face it, divorce can be emotionally and financially costly. In fact, cheap divorces barely exist. Whether you are dealing with alimony, property division or child support, it is almost certain that most couples going through a divorce will at some point feel the pinch. Even if the divorce is amicable, asset division is never easy.
It is impossible to predict how much the divorce will cost you. However, there are certain steps you can take to ensure that the divorce does not cost you an arm and a leg. Here are a few practical tips you may be able to use:
Have a clear picture of your future
Before starting the divorce, it is important that you project what life will be like when the process is finalized, both in terms of parenting arrangement as well as financially. This will allow you to start preparing for the significant changes that await you after divorce.
With some understanding of the divorce process and what post-divorce will be like, your divorce will be a lot easier and devoid of unpleasant surprises.
Get the necessary documents together
Before filing for divorce, it is important that you obtain all the crucial financial statements pertaining to your marital property and debts. Specifically, get copies of your retirement accounts, bank accounts as well as a list of your assets and debts. Filing these documents with the court will ensure that the divorce moves on quite smoothly. On the other hand, attempting to hide assets can complicate the process and hurt your case.
Keep off social media
We are living in times when people post just about every aspect of their lives on social media. However, discussing your divorce on social media can prove detrimental to your case. For instance, badmouthing your soon-to-be-ex on social media can escalate tensions with your spouse and make them less inclined to negotiate — and that could mean heading to costly litigation.
Getting divorced does not have to be a financial nightmare. For many couples, the key to a less-costly divorce is cooperation and the willingness to compromise.