If one of your primary concerns about filing for divorce is how much it will cost, you're not alone. Stories about divorces costing exorbitant fees abound, and it can be easy to get intimidated by the potential expense of the process. Today, we're here to help by handing out some tips and tricks for how you can effectively budget for your divorce.
At Notaro Calabrese & Epstein, our experienced divorce attorneys can help you dissolve your marriage. Contact us online or via phone at (412) 281-1988 to schedule a consultation with our team.
Know How You Want to Proceed
How you choose to resolve your divorce will significantly impact the cost of the divorce process.
For example, if you file for a contested divorce and litigate it in court by attending hearings and ultimately a trial, you could easily rack up thousands, tens of thousands, or more dollars in legal fees depending on the circumstances of your divorce.
Alternatively, if you mediate your divorce or try and pursue a more amicable resolution using a process such as collaborative divorce, you could dissolve your marriage for a fraction of that cost.
However, paying less isn't always better. If you're involved in a high-asset divorce, or you don't believe the other party will try and facilitate a mutually beneficial outcome, litigating your divorce in court may well be worth the additional legal fees.
Speak with your attorney and ask them what they recommend. If you're working with an upstanding family lawyer, they'll give you the best advice for your future, regardless of how it may impact their wallet.
Visit an Accountant
Many people underestimate just how significantly their divorce may change their tax situation. If your partner has a significantly lower or higher income than you, you may even find yourself in an entirely different tax bracket post-divorce.
Additionally, how your property division dispute plays out could impact your taxes. For example, if you maintain total control of the marital estate, you may suddenly find yourself paying estate taxes you either paid jointly or weren't prepared to compensate for.
Visiting a financial professional such as a Certified Public Accountant may cost money in the short term, but it will save you stress and expenses long term. They may also be able to help you value assets and liabilities for your property division case.
Think About How Memberships will Change
Most of us are engaged in a number of memberships at all times. Most of these contracts - whether it's an insurance policy or a WiFi package - offer cheaper deals for married individuals and families, who often take advantage of said deals.
When you divorce, you'll need to discontinue those joint memberships and purchase your own. This could not only result in higher costs and premiums than you're used to paying, but also involve expenses when it comes to changing the terms of various memberships and agreements.
Keep track of all the policies you're involved in, and try to snag good deals if you can when you change over to a single-person plan - it could save you a significant amount of money in the long run.
At Notaro Calabrese & Epstein, we help clients navigate the divorce process. To work with an attorney who will give you the detailed counsel you deserve, contact us online or via phone at (412) 281-1988.