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Ways to save money during a divorce

When a couple is going through a divorce, managing finances is often a concern for both spouses. In Connecticut, spouses may be awarded permanent alimony. A spouse who wants to avoid making payments for the rest of his or her life may wish to come to an alternative agreement with the other spouse and also save on legal fees. Being frugal during a divorce proceeding may be of interest to both parties. From keeping a friendly tone during negotiations to taking care to accurately report income to the court, there are many ways to save money during a divorce.

Keeping negotiations on amicable terms is one way that two spouses may save money. If two spouses are able to privately manage the equitable division of the assets, then they may be able to avoid the cost of hiring a lawyer or mediator to conduct the negotiations. Two spouses can maintain notes during the negotiation and then hire a lawyer to devise the ultimate property division agreement. Divorce mediation is another option that spouses have for creating a property division agreement. A divorce lawyer may be helpful to two spouses who disagree on many property division issues.

Reporting all income accurately may also help both spouses during a divorce proceeding. In the event that a judge requests for one to state his or her income, it is important to offer an accurate figure. Otherwise, one could face serious fines or criminal penalties for reporting a false income figure.

Dividing current expenses may also help both spouses to save money and move forward during a divorce. Closing joint credit card accounts may ensure that one spouse does not take advantage of any existing funds in the account. In addition, spouses can decide which debts they are each responsible for paying and avoid any potential conflict in the future.

Source: The Huffington Post, "5 Ways to Cut Costs During a Divorce", Elliot Grey, October 27, 2013

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