Divorce is an emotionally-difficult process, and many people do not like to think about the costs associated with it. Particularly if you are looking at a high asset divorce, it is possible for the divorce itself to cost tens of thousands of dollars.
Thinking about how to save money on your divorce may not be the most romantic thought process, but it is realistic. According to Forbes Magazine, one of the best ways to save money on your divorce is to choose a collaborative divorce.
How does collaborative divorce save money?
Many people believe that all divorces happen in a courtroom, but this is not the case. Trial divorces are typically the most expensive variety of divorce due to the amount of professionals involved. Depending on the nature of the trial divorce, it may require multiple lawyers, judges, paralegals and legal aides. This makes the divorce more expensive.
On the other hand, a collaborative divorce typically involves each party having their own lawyer. The ex-spouses and the lawyers will meet multiple times to discuss the terms and conditions of the divorce. This can not only save a lot of money, but also time. Many also find that a collaborative divorce is less stressful than a trial divorce.
What are the negatives?
In order for collaboration to bear fruit, both parties have to be willing to compromise. If you and your ex-spouse cannot be in the same room without an argument, it is unlikely that collaborative divorce will be a good option. Additionally, if you are unsure if you will be able to stand up for yourself, a collaborative divorce may not be the best decision.