No matter if your divorce is amicable or tinged with a shade of tension, you have to pay to legally dissolve your union. If you have never divorced before, you may not know how much divorce costs or what you can do to lower all necessary expenses.
MarketWatch provides money-saving insights you can use to keep from going broke. Keep them in mind as you figure out your divorce.
Organize your finances
Rather than let your legal team handle all aspects of record-keeping and gathering all necessary documents, take on the task yourself as much as you can. Finances play a substantial part in any divorce, so you need to collect all bank statements, credit card statements, car loans, mortgages and retirement accounts. Get everything organized to save time and money. You can save even more by using electronic documents rather than hard copies.
Know that you do not have to take your divorce to trial. Instead, you can choose an amicable divorce via mediation. This process involves using a neutral third party to work out the details of your divorce. Going this route rather than opting for traditional divorce can save you a tidy sum of money.
Skip appraisal fees
You could have a car or home to value for your divorce. While you can leave the job to a professional appraiser for an exact amount, such services cost money. You can use online resources to determine the current value of vehicles you and your soon-to-be-ex-spouse share, and a local realtor can give you an idea of your home’s current worth. If you are OK with getting an estimate rather than an exact value, you and your current spouse can save money.
Do not let divorce bankrupt you. The right insights can better your post-divorce financial health.