Ways of Controlling the Cost of Divorce
Although it may sound unbelievable, the truth is that a divorce does not necessarily have to be expensive or lead you to bankruptcy. The entire process can be done in an inexpensive manner when you do not hurry the process unnecessarily or make certain bad decisions.
Lines of communication between you and your estranged spouse should be open
When you can trust your former spouse, then there is no harm in sharing certain relevant information with her or him. On the other hand, when you are reluctant to communicate or share the issues, you may end up spending more money since your attorney then has to do extra work. Many attorneys may charge you on the basis of hours worked.
You should have realistic expectations
When you opt for a divorce, do not be under the illusion that it will be possible for you to carry on with your existing lifestyle. If you are reasonably affluent, that is a different issue altogether, else you need to start planning for your future since you will be having less money for supporting yourself once the marriage is dissolved. Do not take it for granted that you will be getting alimony. Today, both alimony and spousal support are slowly becoming less common as compared to divorces in the past.
Be flexible to negotiate
Your emotions and finances could get completely drained out when the divorce battle is a lengthy and bitter one. So, be prepared for negotiation with your ex and do not make the process a battleground. It is possible that you will have to agree on lower settlement than what you had expected in the beginning.
Come out of the joint accounts
The future is unpredictable, there could be trouble in the coming days. For instance, your former spouse may ‘fail’ to pay the installment amount for the car loan or may become disabled or may go bankrupt. If you have a joint account, all these will affect you, one way or another. So minimize or get rid of the joint accounts you had with your spouse prior to the divorce.
Try to gather information on all relevant details that can affect your finances
You should ensure that you possess information on everything, which is likely to have an impact on your finances in the future. List down all the assets, make copies of statements from your bank accounts, pension funds, and investment funds. You should have all these information as early as possible so that there is no wastage of time. Moreover, you need to give one copy of these documents to your attorney while keeping the other copy with you for filing. Make sure you carry these copies every time you need to meet your attorney.
Getting divorced in California can be complicated. Download our free eBook, 18 Important Things to Know About California Divorce to educate yourself on the process.
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