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How to reduce the financial impact of a divorce

On Behalf of | Dec 21, 2020 | Uncategorized

Although no couple in Illinois marries with the intent of separating, sometimes ending a marriage is the best course of action. Obviously, marriages will dissolve for a number of reasons. However, a common aspect of most divorces is that they are very costly. Divorce can not only devastate a person emotionally, it can also do irreparable financial damage. Here are a few ways to save money amid a divorce.

It may be helpful to consider divorce mediation. In mediation, both spouses meet with a third-party mediator who will help the spouses negotiate and resolve their divorce. Mediation can be an important tool in saving money because it can eliminate the delays and risks that sometimes come with litigation.

Those who go through a divorce will usually work closely with an attorney. Time is money, so being organized before working with legal representatives will increase efficiency and save money. The more a person does on his or her own, the more he or she will save in legal fees. Before meeting with an attorney, it is important to create a statement of net worth as well as a detailed budget. This will provide details of all assets, income and expenses.

The attorney may ask for financial documents and other information. Try to deliver these documents promptly, as this will speed up the divorce process. Likewise, choosing the correct attorney is absolutely critical for any individual in Illinois who is going into a divorce. It can be helpful to consult with a legal representative who stands strong with his or her clients and works to achieve the best outcome possible.