When thinking about costs associated with divorce, most people immediately conjure images of child support or alimony. However, divorce can be a very expensive process in and of itself.
Depending on the assets involved in the divorce, it can cost tens of thousands of dollars. Fortunately, there are ways to save money when going through a divorce. According to Forbes Magazine, one of the best ways to save money on a divorce is to choose a collaborative divorce.
What is a collaborative divorce?
If somebody says the word “divorce,” you may immediately think of lawyers in a courtroom, picturing what is known as a trial divorce. Trial divorces tend to be the most expensive variety of divorce due to the amount of legal personnel involved with them. For instance, a trial divorce may require multiple lawyers, judges, legal aides, paralegals and more.
Meanwhile, a collaborative divorce takes place in a conference room and not a courtroom. Typically, each party will have their own lawyer, and then all four individuals will discuss divorce terms. Collaborative divorces can also save time in addition to money. Also, you will have more direct say in the terms of a collaborative divorce as compared to a trial divorce where a judge makes the final decision.
What are the negatives?
If you and your ex-spouse cannot be in the same room together without an argument, it is unlikely that collaborative divorce will bear much fruit. Both parties have to be willing to compromise in order for collaboration to work. Additionally, if one or both parties are out to “get all they can” from the other, collaboration can be nearly impossible.