Going through the divorce process is a difficult, emotional and expensive time for both parties. There is no way of avoiding the emotional consequences and high stress levels, but there are ways of minimizing the cost of your divorce.
A divorce can turn out to be a very expensive process if it is not managed properly, leaving both spouses in a financial crisis and possible bankruptcy.
However, there are simple and effective measures you can take to minimize the cost of a divorce and avoid disastrous financial consequences.
Here Are the 12 Ways to Avoid A Costly Divorce:
1. Determine the result that you want before even beginning the divorce process.
For example, do you want to avoid court, what type of custodial arrangement do you want and what type of custody are you realistically able to commit to. Make sure you think about these things in advance and writ e out your ideal outcome before the divorce process begins. Once you get some clarity around what you do and don’t want you will save yourself a lot of time and money.
Don’t waste your time and your attorney’s time discussing these issues. Go through it yourself and get clear and focused on your desired outcome.
2. Don’t hide assets or income.
These days there are forensic accountants that are highly trained to trace all income and assets. If you try to hide any of these you may end up losing the assets as well as having to pay punitive damages.
3. Be careful when it comes to social media.
If you are trying to pay less alimony, don’t go boasting about your new car, job or other purchased assets. If you are trying to get child custody, avoid posting pictures of yourself with a marijuana joint in your mouth.
Everyone is using social media these days and there is nothing wrong with it, just be aware that this can all be used as evidence in Court. All computers can be seized; emails retrieved and social media postings looked into during the discovery process and added as evidence. Think before you write, email or post. Just one bad move can jeopardize your whole divorce outcome.
4. Take the emotions out of it for the time being.
This is difficult to do, but it may jeopardize your outcome if you are making decisions based on feelings rather than rational, long term thinking and planning. If you are struggling with this, consider therapy or counseling. It could very well save you a lot of money in the long run.
5. Don’t run the show – let your attorney do their job.
You paid for them; they are experts, so get out of the way and let them earn their money. Too much meddling on your part can slow down the process, make it more expensive for you and frustrate the attorney.
6. Be fair.
Make a rational and equitable assessment of who should get what with a clear head. Try to think logically and fairly, rather than in a spiteful way that just fuels an already vulnerable situation and ends up just costing you more in time and legal fees.
7. Get organized
Make sure that you get all your information, documents and financial records in order. You can save yourself a lot of money by doing the simple and basic tasks yourself and not wasting expensive time with your attorney.
You can save yourself a lot of money by having all of your records organized and photocopied to present to your attorney. Make sure that you are efficient, thorough and treat it like a business audit.
This ensures that you use your attorney’s time for what they are best at, not wasting it through information and record gathering. Always be prepared and organized when you have a scheduled appointment with your attorney and present them with all of your vital information in an efficient manner.
Things to consider:
• Closing lines of credit
• Bank accounts requiring two signatures
• Closing of certain joint bank accounts and credit cards
• Deeds to your property and assets
• Total audit of your assets and liabilities
• Your will
• Any trusts that have been created
8. Do the Research – Get informed on the Basics
Find out as much as you can about the divorce process and make sure you have a reasonably good understanding of how it works. This kind of information can be the key to avoiding a costly divorce.
There are simple and easy ways to get informed and educated such as reading a book, visiting the New York State Bar Association website’s family law section and visiting other informative and well respected websites.
9. Lump Sum Alimony
If you are expecting alimony, consider taking it as a lump sum as opposed to monthly payments in order to ensure that you actually do receive it and also to avoid tax, as there is no tax payable on a lump sum payment.
10. Avoiding litigation
Wherever possible, try to avoid actually going to Court to settle the divorce. Litigation is highly expensive and should be used as a last resort. When negotiating, remember to be calm, reasonable and treat it like a business negotiation.
11. Hiring a Certified Divorce Financial Analyst
In some cases you will want to know what the financial outcome will look like once the divorce is finalized. You can hire a hire a Certified Divorce Financial Analyst to do the analysis and financial projections to create a picture of the various scenarios of each potential settlement offer. You will be able to see clearly where you stand with each different settlement option.
12. Most importantly – Make sure you have the best New York Divorce Attorney
Have you got the right attorney? Choosing the best attorney can literally make or break a case. Make sure you go with an attorney that specializes in family law, is highly professional, has a top reputation in the field; extensive experience and that you connect with.
Get the best possible attorney that you can realistically afford. The expense on the highly qualified and experienced attorney could be what actually minimizes the overall cost of the divorce.
You can always find attorneys that are charging low fees, but this could also lead to disastrous mistakes that will burn through your money. A divorce is a specialized area of law and requires expertise, knowledge and experience from a highly respected attorney with a wealth of experience
This is potentially one of the most difficult experiences that you can go through in life. Be sure not to declare war with your ex spouse and turn to an attorney with the skills and experience to guide you through the process, protect your interests and bring the divorce process to a mutually satisfying conclusion in the fastest way possible.
Hire a Manhattan Divorce Attorney
At the Law Offices of Brian D. Perskin, we have over 40 years of combined experience and our team is comprised of skilled, dedicated and hardworking divorce and family law professionals. As such, our goal is to educate, negotiate, mediate or litigate to the best interests of our clients.
Our firm understands that clients are often concerned about the potential of a high cost divorce. We take pride in offering professional services that are not overpriced, while at the same time giving you the highest quality of service, dedication and efficiency.
Contact a New York divorce attorney at the Law Offices of Brian D. Perskin today!