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How can I make my divorce affordable?

On Behalf of | Jun 8, 2020 | High-Asset Divorce |

It is indisputable that divorce is costly in terms of time and emotional labor. However, many people focus on the aftermath of divorce when they think about the monetary costs. That is, many people are very concerned about how much alimony they may have to pay (or will receive) or how much child support they may have to pay (or receive).

However, this is overlooking a very important aspect of divorce: the actual process of divorce can be very expensive. Particularly if you are looking at a high-asset divorce, the divorce process can cost tens of thousands of dollars alone. However, Forbes Magazine says that a good way to save money on the divorce process is to pursue a collaborative divorce.

What is a collaborative divorce?

A collaborative divorce takes place over a conference table as opposed to in the courtroom. A trial divorce often requires a team of legal personnel, and an an impartial judge makes all final decisions. A collaborative divorce, on the other hand, involves both parties sitting down with their lawyers and negotiating divorce terms.

Collaborative divorce can save money due to the lower amount of legal personnel involved. Additionally, collaborative divorce allows you to have more of a hand in the crafting of your divorce.

When is collaborative divorce not a good idea?

If your divorce is extremely acrimonious, it is unlikely a collaborative divorce will work. Collaborative divorce requires both parties to be able to talk about the divorce rationally and come to compromise. If emotions are running high on either side of it, it is unlikely that negotiations will go anywhere. In this case, a trial divorce may be the only option.