If you are going through a divorce, it is natural to have concerns about many things. Many people worry about the costs incurred after the finalization of the paperwork, such as child support or potential alimony.
However, the actual process of divorce itself can potentially cost thousands of dollars. The good news is that there are ways to mitigate this cost. According to Forbes Magazine, having a collaborative divorce can save you a lot of money.
How can collaborative divorce save money?
The most traditional variety of divorce is trial divorce. In this variety of divorce, an army of lawyers, paralegals, and judges work together in order to finalize all of the divorce aspects. With this many people involved in a divorce, the costs associated with the process go up considerably.
In collaborative divorce, each party either has their own lawyer or one lawyer mediates the process. The parties will negotiate together on terms. This saves a lot of money and time. It is also good for ex-couples who want to have an active hand in deciding divorce terms rather than leaving it up to a judge.
How else can I save?
It is important to consider the best way of contacting your lawyer. Remember that calling your lawyer often invokes billable hours. While there are some instances where phone or face-to-face communication is best, consider if your lawyer can answer your questions effectively in an email.
Additionally, lawyers spend hundreds of billable hours each year trying to sort out assets. If you have your assets collected and fully documented prior to starting the divorce process, you will save a lot of money.