Adjusting to your new life in the wake of a divorce often proves difficult enough, but adjusting to that new life when you are also struggling to keep up with your finances may prove even more problematic. In some cases, divorcing parties fight over every last asset or matter. Doing so has the potential to make divorce-related expenses spike considerably.
The good news is, Forbes reports that not all divorces cost an arm and a leg. There are a number of tactics that you may employ to reduce how much your divorce ultimately costs you. If you are looking to disentangle your life from your spouse’s without going broke in the process, consider:
1. Resisting the urge to make a point or get the last word
Often, at least one party involved in a divorce has hard feelings, and these hard feelings may make this person behave in ways that he or she otherwise would not. Rather than argue over every last fork or pillowcase simply because you want to “win,” prioritize the things you truly care about and avoid wasting time – and money – bickering over the small stuff.
2. Mediating your divorce, as opposed to litigating it
Unless your relationship with your ex is so contentious that there is zero hope of the two of you ever reaching common ground, mediating your divorce has the potential to save you a substantial amount of money. According to one study, the cost of mediating your divorce may be as little as $500, while the cost of litigating your divorce may reach $32,700 (or even more).
3. Meeting with your therapist to vent
A common error that many people navigating divorce make is calling their attorneys when they want to vent about their exes. Doing so when your lawyer charges you by the hour, however, is not a good idea. Instead, try calling your therapist, a parent or a good friend.
Divorce can prove expensive, but it does not always have to be that way. By taking the steps outlined above, you could potentially save tens of thousands of dollars during your divorce.