4 Steps to a Financially Savvy Divorce

Posted By The Law Office of Janet McCullar, P.C. || 21-Feb-2017

Most people know divorce can be a stressful time, but those who haven’t gone through it may not understand that part of the difficulty is financial. Some estimates put the average divorce cost anywhere from $15,000 to $20,000. However, holding off on divorce just because of expenses may not be an option. Here are a few steps you can take to save yourself money.

Step 1: Make a Budget

You need to know how much you have to spend on the divorce, both in terms of attorney’s fees and court costs. You also need to determine how you will continue to live the life you’re familiar with on only half the income you’re used to. While some couples keep their finances separate, others pool their earnings together. Budget what your income and spending expenses will be on your own, including rent. You may also want to open your own accounts if you haven’t already done so.

Step 2: Take Stock of Your Assets

At some point, the court will need to divide your assets in half, so making an account of what was yours prior to the marriage can save you court time later. Only property you both acquired during the marriage will be considered for property division.

Step 3: Find an Excellent Divorce Lawyer

The most expensive lawyer is not necessarily the best. Make sure you find an attorney who focuses on family law and divorce cases; lawyers who specialize in more than one type of law could be spreading themselves too thin. Good attorneys will also work with you if you find your finances are stretched too thin. Instead of drawing out the proceedings to increase their fees, a great divorce attorney will ensure your time isn’t wasted.

Step 4: Negotiate as Much as Possible

While you and your spouse may not be on great terms right now, it is a good idea to see what you can agree on. Set time aside, possibly with the help of a mediator, to hash out the details of your divorce. If you can agree on most questions now, you may not even have to go to court, which will save you both money.

If you’re ready to begin proceedings, talk to one of our Austin divorce attorneys. We have decades of law experience we’re willing to put at your disposal. Call us at (512) 355-1123 or fill out our online form with your case details. We’re ready to work with you.

Categories: Divorce
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