While it is highly unlikely that your divorce will cost anywhere near what Michael Jordan’s did (he had to give his wife Juanita $168 million!), how much your divorce will cost is a huge concern for anyone thinking about divorce. Whether you are concerned about surviving financially after, or just how to pay for an attorney, money is always at the forefront.
Some experts say that your divorce will cost as much as your wedding, but this isn’t necessarily true. The reality is, you and your spouse have a lot of control over what you will need to pay for your divorce. Aside from settlements, court costs and lawyer fees will be the biggest expenses of your divorce.
To save money on these, plan to file an amicable divorce. Lawyer fees vary widely and the less you need for your lawyer to do, the more money you will save. This means you can save an incredible amount of money by working on your settlement together. No one is suggesting this will be easy, but when you think about the cash you will keep in your pocket, it is better to swallow your anger and compromise.
If you want to work together, but emotions prevent this, you can hire a mediator to help you work out the details of your settlement. A mediator is a neutral person who is trained in helping couples work out agreements. You, your spouse, and your lawyers, if you want, will meet with the mediator and share your wants and needs. The mediator will offer suggestions that you can use in your settlement.
These suggestions are not legal decisions, but you need to remember that your mediator has experience with what the courts in your area expect and his/her suggestions will reflect that. If you cannot agree on a settlement and go to court, the judge’s decisions will be legal and binding. You will have no choice but to follow the orders.
Court costs are non-negotiable and must be paid before your divorce can be filed or finalized. These fees are different across the country, but are usually a few hundred dollars. In your settlement, you can agree that one or the other of you will pay these fees or that you will split them evenly. Most of the time, you must pay your own lawyer fees.
The best way to save money in your divorce is to have an amicable divorce and save lawyer fees. Money may be tight after your divorce and you will need every dollar you can save.
If you are currently involved in a divorce and require legal guidance, before you spend thousands of dollars in legal fees, check out our ebook “Win your Divorce Workbook.” This ebook details you the information you need to file for divorce without going broke, having a nervous breakdown or hating your spouse forever. Grab your copy here.