It’s not uncommon for divorces to be messy and costly. However, some couples overlook the fact that it doesn’t have to be this way. There are various strategies that divorcing parties can utilize to save a significant amount of money while dissolving their marriage. Please continue reading to learn how to save money in your New Jersey divorce and how our trusted Monmouth County Divorce & Separation Attorneys can help you navigate your legal options.
How Can I Save Money During My Divorce?
While this isn’t always possible, avoiding a lengthy legal battle is the best way to save money during a divorce. Spouses who agree on the terms that will apply to the termination of the marriage will spend way less time with their legal counsel and in court, thus saving thousands of dollars in legal fees. If you can’t agree to the terms on your own, it’s in your best interest to consider an alternative dispute resolution method, such as divorce mediation or a collaborative divorce.
The primary cost-saving benefit of these alternative dispute resolution methods is avoiding litigation and the associated expenses. A traditional divorce accumulates substantial costs. However, these alternative dispute-resolution methods rely on a couple’s goodwill and cooperation to succeed. It helps to view the end of your marriage as if it were the end of a business partnership. While emotions are undoubtedly heightened, it’s crucial to understand divorce is a business transaction. Therefore, you must set your feelings aside and review your shared assets, debts, and responsibilities to reach a consensus on separation terms.
Should I Settle Quickly?
Another way to save money in your divorce is to settle smart. It’s common for couples to adjust their lifestyle post-divorce since most individuals cannot live the same pre-divorce lifestyle with half of the income and marital assets. To protect your financial security, you should not underestimate your post-divorce expenses or fight to keep assets you can’t afford. For instance, despite wanting to keep the family home because of the emotional attachment you may have, you must consider whether you can afford a house buyout and the ongoing expenses that come with owning the home on your own. It would be best to work with an experienced attorney to determine what you are comfortable compromising on and what is worth the cost of continuing negotiations.
If you can successfully implement the money-saving strategies mentioned above, you can confidently begin the next chapter of your life with a solid financial foundation. At Paone Zaleski & Murphy, we recognize that even the most amicable of divorces can quickly become costly and contentious. Contact our legal team today to discover how we can assist you in fighting for the best possible outcome for your case.
