How To Reduce The Cost Of Divorce – Six Tips
Keeping your expenses under control during a divorce is vital. Therefore right from the very start or perhaps even before that you need to be planning how to keep your expenditures from escalating.
This post offers six tips to reduce the cost of divorce so that you can get through your divorce with your finances intact.
1.) There is a possibility that half of your pension may get awarded to your wife. The best way to minimize this loss is to halt all payments into your plan until after the divorce is final.
2.) When you know that a divorce is definite, arrange to separate all joint access to money and credit. This means credit and debit cards in both of your names as well as joint savings and checking accounts. You may be liable for all debts incurred before the divorce becomes final. Your partner may try to drain your savings and run up a big debt if this precaution isn’t taken.
3.) Time spent with your lawyer costs money. This is important to remember during meetings where both you and your wife and your lawyers are present. Therefore minor arguments escalating out of control must be avoided. Issues decided in advance that both you and your lawyer have agreed to discuss should be adhered to.
4.) There is no need for you to be making car payments and insuring the car that your wife used. It’s typical between couples that each person has a car that they consider ‘theirs’ because of usage. Therefore each person gets to have ‘their’ car and must re-registered it in their name. Insurance and ongoing payments for their car is then assumed by the person.
5.) The family home should be occupied by the children and the person with custody over them. The mortgage for the house is then assumed by this person. Otherwise, sell and split the proceeds for the house.
6.) Make a list of all debts and assets that you and your wife share before filing for divorce. This list should include all credit debts and unpaid bills as well as shared property and joint accounts. This list becomes a useful aid when talking with your partner how to divide up both the assets and the debt between you.
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