Ways to Save Money During a Divorce

 Posted on March 23, 2013 in Child Custody

If you have decided that it is time for you and your spouse to part ways, there must be some underlying reasons. That being said, if you are able to work with your soon-to-be-ex through the divorce process, it may end up saving you money, time and aggravation. There are other ways to avoid high costs for getting divorced.

A good first step when contemplating divorce is by considering the lawyer you need. There are lawyers with backgrounds in mediation who can work towards a cost effective and timely divorce. They act as a neutral third party to guide you and your spouse trough the divorce process to a mutually beneficial agreement.

This has the additional benefit of avoiding a litigated divorce where a judge rules over the division of property, custody and support payments. Coming to an understanding with your ex might be more beneficial because you both know what is necessary to accomplish. Also, divorces that play out in court can last a long time, be very expensive and tie up your schedule with court appearances.

It will also be important to carefully report your assets and review your exes' financials. Honestly reporting your income will eliminate the possibility of being penalized by paying your exes' attorney fees, fines from the court or even jail time. An accurate statement of assets will also ensure that you either receive the most amount of support or pay the least.

Closing joint accounts is integral to separate your exes' purchases from your own. Otherwise, you could be held responsible for purchases even after the divorce is finalized. Make sure to remove your spouse as an authorized user on any credit cards you have from your marriage and change any important passwords they might know.

Now that you are making a transition from a combined income to possibly only support payments, create a budget for yourself. By learning to allocate for your expenses, you will be more financially able to live your new life. This is a time to get help from family and friends who can ease this transition and think of other cost saving ideas. Divorce isn't an easy step in your life but do what you can to limit the stress on yourself. Contacting a knowledgeable divorce attorney in DuPage County will also ease this burden.