How Not To Waste Money During The Divorce Process

How Not To Waste Money During The Divorce Process

February 26, 2021 Off By Laura TMOT

If you have decided that it is time for you and your spouse to part ways, there must be some underlying reasons behind it. That being said, if you can work with your soon-to-be-ex through the divorce process, it may end up saving you money, time and aggravation. There are other ways to avoid the high costs of getting divorced.

If not done right, the divorce process can put a significant dent in your wallet. Considering that won’t be a happy time, parting with your partner, it’s important to think straight and get things done smoothly. 

We have listed a few important steps in this article that will ensure a cost-effective divorce. Have a look. 

Find a Good Lawyer

The first step when contemplating divorce is by considering the lawyer you need. There are lawyers with backgrounds in mediation who can work towards a cost-effective and timely divorce. They act as a neutral third party to guide you and your spouse through the divorce process to a mutually beneficial agreement.

This has the additional benefit of avoiding a litigated divorce. A judge rules over the division of property, custody and support payments. Understanding your ex might be more beneficial because you both know what is necessary to accomplish. Also, divorces that play out in court can last a long time, be very expensive and tie up your schedule with court appearances.

Avoid Being Penalized

It will also be important to carefully report your assets and review your exes’ financial situation. Honestly, reporting your income will eliminate the possibility of being penalized by paying your exes’ attorney fees, fines from the court or even jail time. 

An accurate statement of assets will also ensure that you either receive the most amount of support or pay the least.

Disassociate From The Bank Accounts

Closing joint accounts are integral to separate your exes’ purchases from your own. Otherwise, you could be held responsible for purchases even after the divorce is finalised. Make sure to remove your partner as an authorized user on any credit cards you have from your marriage and change any important passwords they might know.

Allocate Your Expenses

Now that you are making a transition from a combined income to possibly only support payments create a budget for yourself. By learning to allocate for your expenses, you will be more financially able to live your new life. 

This is a time to get help from family and friends who can ease this transition and think of other cost-saving ideas. Divorce isn’t an easy step in your life but do what you can to limit the stress on yourself. Contacting a knowledgeable divorce attorney in DuPage County will also ease this burden.

Change Your Name

You can also consider changing your name after divorce. In most cases, it can be done without ordering a deed poll. However, you may need to change your name using a deed poll assuming the following are true:

  • Either your marriage or divorce is taking place outside of the United Kingdom. 
  • You do not have your decree absolute. 

You can order a deed poll through a solicitor or order online. However, the former involves a lot of hassle and money. You can go with the online option. It’s easy, convenient and can be done in three simple steps:

Step 1: Complete & submit the online application form. 

Step 2: Obtain your deed poll certified copies. 

Step 3: Witness your deed poll

Final Word

A divorce can take a toll on your mind. There are many emotions involved. However, it’s important that you don’t get carried away through the process. You need to take the right steps to ensure you don’t end up losing money in the process. 

Take cues from this article to ensure that everything goes right.