It is no secret that getting a divorce can be an expensive process. In fact, according to Lawyers.com, the total costs for divorce in Tennessee usually run anywhere from $4,000 to $28,000. The total bill can be even higher for divorces that involve complex property division.
Naturally, it would be nice to keep these costs as low as possible. However, there are certainly corners that you don’t want to cut. We will cover things you should avoid doing to cut costs in divorce in another post. For now, here are three ways to cut back on your final bill:
1. Be Organized
You have 2 choices here: either you can spend the time organizing the details around your divorce, or you can pay someone else to do it for you. The more organized you are from the start, the quicker you can begin working towards a Marital Dissolution Agreement. Showing up to meetings with your attorney prepared with a list of questions to ask as well as any requested documentation will save you a lot of time during those meetings. Remember, time is money, and your attorney is likely billing your hourly.
In fact, before you even file for divorce, you can begin gathering information about your marital assets. Not sure where to start? Here is a list of financial documents to gather for your divorce.
2. Hire the Right Professionals
In order to reach the best possible outcome during your divorce, you will want to surround yourself with a team of professionals that can help you. It might seem counter-intuitive to hire multiple professionals if you are trying to save money but remember that each person serves a unique purpose with specific training. At the very least, you should consider consulting with the following:
- Family Law Attorney
- Financial Planner
3. Know your Bottom Line
Like it or not, you are going to have to compromise at some point during the divorce process. You can do it willingly or you could be forced to do so by a judge. In Tennessee, you are required to attend at least one mediation session before you can go to trial. Mediation is also much more cost-effective than going to court. While you shouldn’t feel pressured to make a decision by the end of your first mediation session, you should go into it with a good idea of what your bottom line is. In other words, what things are you willing to compromise on and what things do you feel very strongly about?
If you aren’t sure how much you need financially to be comfortable after the divorce, take the time to meet with a financial planner well before your mediation date. The financial planning process will help you have a clear idea how much you need and what steps you can take to improve your financial outlook.
Regardless of the complexity of your divorce, these three steps are sure to save you time and money on the process. Throughout the process, your attorney may recommend that you consult with additional professionals to help with your case. Deciding not to do so may save you money during the divorce but could end up costing you more in the long run. By building a team of professionals that represent your best interests and playing an active role in the outcome of your divorce, you are sure to improve the final outcome.
For a list of documents to gather for your divorce, enter your information below.