What’s the least expensive way to get divorced?
Avoiding a lengthy legal battle is the best way to save money during a divorce.
While this isn’t always possible, spouses who agree on separation terms will spend less time with lawyers and in court
(thus, saving thousands of dollars in legal fees
). If you can’t agree on your own, it’s probably worth finding a mediator to help you
reach a consensus. Mediators are far more affordable than back-and-forth meetings between lawyers.
If it helps, you can view the end of your marriage as if it were the end of a business partnership. Set your emotions aside and review your shared assets, debts, and responsibilities.
Can you both agree on a fair way of dividing these things?
How can you both come out of this relationship with your feet still on the ground?
You may want some assets to stay with one spouse or the other—especially if you’re getting divorced while you still have dependent children
. For instance, the parent with child custody may want to keep the family home. (In this case, you’ll need to compensate the other partner fairly for their share of the property.)
Or, you may decide to sell your assets in a divorce sale and re-build each of your lives with the money you earn (more on this later).
In any case, it helps to draft a Separation Agreement
with your ex-partner. A Separation Agreement is often the first step toward a divorce. You can even bring this document to court to streamline the divorce settlement process.
To save money, try customizing a Separation Agreement template online yourself before bringing it to a lawyer for review. A template will walk you through the terms that may apply to you. This helps ensure you don’t overlook any assets, responsibilities, or legal obligations when writing an agreement without a lawyer.
You can also use your Separation Agreement to inform your decisions when filing for a divorce online
. This way, you’ll save money by generating the appropriate documents online before finalizing your divorce in court.