Based on what you see on television or hear from your friends or colleagues, you may feel as if all divorces must take a significant financial toll. In truth, though, your divorce does not have to lead to financial hardship, and there are some steps you might consider taking to reduce how much your divorce costs you.
For example, many people hoping to lower the costs associated with divorce consider embarking on a collaborative divorce. What is a collaborative divorce, and how does it help you save money in comparison with a traditional one?
Understanding collaborative divorce
A collaborative, or uncontested, divorce is one that has you and your former partner work together to sort through divorce-related matters without taking your case to court. While this type of split may not be appropriate for former couples that have contentious relationships, if yours is relatively amicable, it may benefit you both to consider divorcing in this manner.
Lowering costs through collaborative divorce
So, how does a collaborative divorce save you money? For starters, you may spend far less on attorney fees when you divorce using this method. You and your ex may work through many related matters without an attorney at all, relying on them only toward the end of your divorce. Fewer billable hours mean less money out of your pocket.
While an uncontested divorce may save you big money, it may also help preserve any relationship that remains between you. If the two of you plan to co-parent, this could prove priceless.