Throughout your marriage, you and your spouse have likely experienced fluctuation in your financial situation. Perhaps, you’ve had months or years where you enjoyed financial stability or maybe even a small surplus. Like most Michigan couples, you’ve probably also overcome various financial challenges, especially if you or your spouse became ill, lost a job or made an investment that didn’t pan out as you’d hoped.
You can expect financial ups and downs in most marriages, especially if children are involved. It’s only natural that you want to protect your assets and save as much money as you can. Divorce is one of numerous issues that can break the bank if you’re not careful. The good news is that there are several practical ways to help you accomplish your goals without going broke.
Amicable is always best
Getting locked into a lengthy court battle is definitely not going to financially benefit you in divorce. The more issues you and your spouse can resolve peacefully, the less money you’ll have to spend on finalizing your divorce. It’s not uncommon for spouses to disagree, however, especially regarding child custody, property division or alimony; therefore, it can help keep costs low to know where to seek legal support if a problem arises.
Court costs and other fees
You may have to pay court costs when you divorce. In addition, you might incur several other fees, especially if you enlist the aid of additional parties, such as a child psychologist, financial adviser, tax consultant or medical expert. It is also critical to consider travel costs and other everyday expenses you might have to meet as a consequence of divorce proceedings.
Out-of-court divorces typically cost less
Would it surprise you to learn that you don’t always have to go to court to finalize a divorce? Yes, a family law judge must issue final approval of any settlement plan you develop; however, you and your spouse can agree to mediate your divorce or to settle disputes through arbitration, both of which are processes that typically cost a lot less than litigation.
How experienced legal representation can help
An experienced Michigan divorce attorney knows the ins and outs of the family justice system. Relying on such support can help streamline whichever process you choose and is often the best means to swiftly and peacefully resolve any problem issues that arise. In short, experienced legal guidance and support can help you protect your rights, your children’s best interests and your financial assets as you prepare for a new lifestyle.