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3 tips to avoid a costly divorce

On Behalf of | Dec 6, 2022 | Divorce

One thing that all divorces have in common is the money it takes to end a marriage. Your divorce could cost anywhere from a few thousand dollars to a million.

Even if you can afford a costly divorce, there are probably better uses to which you could put that money. CNBC provides some tips for a successful divorce that spends as little money as possible.

1. Understand your unique situation

If you have friends and family members who have divorced, they may offer you advice. While it can be helpful to know that someone else has been through the same things you are going through and survived, bear in mind that your situation is unique and what worked for other people may not work for you.

2. Determine your non-negotiables

A willingness to bargain on certain issues can help you save time and money during your divorce. On the other hand, you also have to protect your own interests. Think ahead of time about where you are willing to compromise versus where you need to stand firm.

3. Organize your key documents

If you can collect and organize your key documents, it saves you time during the divorce process. The less time it takes to reach a settlement, the less money you have to spend on your divorce.

In the interest of saving time, and therefore money, you and your spouse may wish to pursue a form of alternative dispute resolution, such as mediation, instead of going to court. Mediation tends to take less time than litigation, which makes it less expensive.