Marrying and divorcing young can be scary, especially if you haven’t been the main breadwinner in the relationship. In this article, we’ll be discussing three ways a young person can save money during their divorce…
When going through a divorce, finances among children are often the biggest concern. When you have spent years together building a life and saving money for the future either individually or jointly, or both, it’s understandable that you do not want it to be taken away from you. Thankfully there are ways to save and protect your non-matrimonial money during a divorce.
The thought of sorting your finances out during a divorce can often feel daunting, however, one way you can reduce the amount of money you spend during a separation is by finding a divorce advice specialist. They will be able to assist with the process, ensuring your interests are protected in the best way possible.
To learn three ways a young person can save money during their divorce, keep reading…
1. Choose a Cost-Effective Financial Settlement Solicitor
Picking the right lawyer for you during your divorce is important and can have a selection of benefits, specifically surrounding costs and saving money during your separation. You want to choose a solicitor who has considerable experience in divorce matters, specifically divorce financial settlements, and one who has a strong track record for success in achieving the outcome their client desires.
Sometimes picking a solicitor with fewer years’ experience such as an associate or paralegal, is recommended, as they may charge on a fixed fee basis instead of an hourly rate. You will still receive excellent advice but at a cheaper rate.
Picking a solicitor who is a member of Resolution, is also advisable. Resolution is an organization dedicated to assisting solicitors in looking for non-contentious methods to resolving family matters, such as divorce financial settlements.
2. Pick an Appropriate ADR Method
When going through a financial settlement during a divorce, going to court is not always necessary or the most appropriate method. There are ways to make amicable decisions without needing a judge to make the final decision for you. By doing this instead also helps to make the process less contentious, quicker, and ultimately, more cost-effective.
Alternative dispute resolution (ADR) methods during divorce often include negotiation and family mediation. These are the two most commonly used methods and are considerably cheaper than if you were to apply to the court for assistance.
Negotiation can either be done between you and your spouse, or you can involve your solicitors in the process. During negotiation, you will take the time to discuss your personal feelings, such as how you would like the finances to be divided between yourself. You and your spouse may be fortunate to come to a resolution, however, this isn’t always guaranteed. If you are unable to decide between yourselves, you can choose to attempt mediation or apply to the court for a judge to make a final legally binding decision.
During family mediation, you and your spouse will meet with a trained, neutral mediator. During the session or multiple sessions, if needed, the parties will discuss the matter and the mediator will push them to find a decision both are satisfied with.
3. Try to Divide Personal Possessions Amicably
We understand divorcing from a spouse can be difficult and, in some cases, lead to conflict and hostility, however, the more amicable the separation is, the more likely it’ll be cheaper. This is particularly the case when it comes to separating possessions. It is important to note here, that we don’t necessarily mean significant assets such as property, savings, and pensions, but instead, assets that are not so substantial like household possessions, try to resolve this between yourselves.
Making decisions on what will happen to your possessions between yourselves can help to cut a significant amount of time, effort, and money. And instead, allowing for the time, effort, and money to be used on more important matters. By doing this, you may find that you need to spend less time and support with your solicitor, meaning they can charge you fixed fees, or if you are being charged an hourly rate, you’ll spend less as less time will be needed.
Divorce Doesn’t Have to Be Expensive
You’ve probably heard from those around you that you’re about to spend a heap ton of money when divorcing your spouse, but this isn’t always the case. What we conclude from this article, is that there are ways to reduce the amount of money spent on divorce, by taking the right approach. This includes things such as seeking legal advice to guide you correctly through the process as well as, attempting to make decisions between yourselves.
If you are considering taking matters into your own hands, check out the Citizens Advice website, where they provide further information on dividing up money and belongings when you separate.
Have you been through a divorce? How did you cut the amount you spent? Let us know in the comment box below.
Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained legal professional. Be sure to consult a lawyer/solicitor if you’re seeking advice on getting a divorce. We are not liable for risks or issues associated with using or acting upon the information on this site.
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