Top 5 Ways to Save Money During Divorce

Top 5 Ways to Save Money During Divorce

Couples who can work together in their divorce can save big on legal fees. Any money you save on legal fees is money you may get to keep.

  1. Don’t use your attorney as the channel for communication. Use your attorney for understanding the law and how it applies in your case. An attorney is too expensive to use for figuring out who is going to pick the kids up from school.
  2. Voluntarily exchange information about income, assets and debt. The information is all going to come out in discovery anyway, so don’t waste money making your attorneys go back and forth. Formal discovery is the process where information comes to light and it is attorney intensive.
  3. Don’t ask for information you know or to which you have access. If all your assets are jointly titled, don’t spend money having your attorney ask the other side for account statements you can get yourself. If you handle the money in your relationship share the financial information and save the attorneys’ time for legal matters.
  4. Don’t fight about things you don’t care about. Don’t fight over something just because your spouse wants it and you don’t want them to have it. Also keep in mind the value of the property at issue. Don’t spend $600 in attorney fees fighting over a $300 TV.
  5. Make sure you understand what your attorney is doing and why. Don’t ignore the progress of your case because it is too painful to deal with it. It is essential that you talk to your attorney about what you want out of the divorce, whether your “wants” are realistic and what needs to be done to receive the desired results. Don’t be afraid to ask if something can be done less expensively or whether a certain issue should be pursued.

If you can control the divorce process instead of letting it control you, you have a much better chance of reaching a settlement you can live with and then moving on with your life. Don’t go this alone. Let us help.

About the author:

Bev Banfield is a CPA, Certified Divorce Financial Analyst®, and founder of Banfield Divorce Financial Advisors. The Denver-based company was established to help divorcing couples more easily and equitably separate their finances. Banfield has more than 30 years of experience in financial analysis, budgeting, and auditing. Contact us for more information at (303) 482-1726 or Connect with me on LinkedIn