Divorces can be complicated and stressful. Often, your wait to separate and lead an independent life can be prolonged unnecessarily. In such a situation, by being prudent, you can ensure that your hard-earned money and valuable time do not go waste. Some say that getting a divorce lawyer as soon as possible is advisable.
On the other hand, if your finances are dwindling, a wait-and-watch approach may be a better option. Here are some tips on how to save both time and money during a divorce.
Opt for Collaborative Divorce or Mediation
Courtroom battle or contested divorce can be emotionally draining and financially exhausting. You and your partner can amicably part ways and choose the mediation method of divorce. You will have to make agreements outside the court, a more flexible and comfortable method. This is advised also because collaborative divorces offer you both more control over the process, apart from saving tons of money in legal fees.
Think about the Choice of Divorce Lawyer
Hiring an attorney is important because while undergoing the emotional upheaval that a divorce brings, you should be doing everything right. Compose yourself, and look around for options that do not burn a hole in your pocket. Even otherwise, the choice of your lawyer should be made prudently because they are the one taking important decisions on your behalf. Proper information on the process and about legal expenses should be gathered before you hire your lawyer.
Be Honest and Candid with Your Lawyer
Complete disclosure is an absolute necessity. Inform your divorce lawyer in advance about any surprises that could spring up later and mess up the proceedings. Rule number two is to listen to the lawyer and follow his recommendations at all times. Avoid keeping certain accounts and assets secret from the lawyer. In case you are not able to respond when they’re trying to contact you, get back to them as soon as possible. Saving time is saving money and you shouldn’t delay the forwarding of your case.
Be Financially Wise
Planning present and future expenses is important, especially since the sources of income will go from two to one. Reduce extra expenses and do a cost-benefit analysis of your favorite activities to assess whether they are worth it. Secondly, close joint accounts if any. Remove your spouse as the authorized user on all of your accounts.
Remember to Update Estate Documents
Even before you can think about financial matters and the choice of your divorce lawyer, do not forget to update your Will. The law states that your spouse stands to get at least half of your assets, in case you die without a Will. Ask your lawyer to create a Will on your behalf. This is the best way to specify your beneficiaries.
Getting carried away by emotional matters and making illogical decisions is a strict no-no. Keep off that territory and try to get through the proceedings with your finances safe, avoiding litigation fees. However, if you land a situation where divorce is essential, be sure to seek help from an experienced divorce lawyer.