Divorce is a long drawn procedure which involves emotions and finances. One can reduce the cost of divorce by being prepared. Reducing the cost of divorce deals with being organised in a manner which would save you time as well as expenditure.
When divorce proceedings are not handled in an efficient manner it can lead to huge legal bills and escalating attorney costs.
The more you are organized with your divorce requirements, the more money you would end up saving.
Organize financial documents: When you keep your financial documents in order, you would be aware of your finances and where you stand on a financial ground. When you are aware of your finances you would be in a better position to answer questions and settle negotiations. Organizing your financial documents would also enable you to do your post divorce financial planning. With proper organization you would save your time as well as your divorce lawyer’s time utilization. Make sure all your documents are in chronological order. You should list the information from the latest to the oldest.
Important financial documents you would require are: Valuation of your house, bank statements for the last year, your P60 and 3 recent pay slips, a statement pertaining to mortgage redemption from your mortgage company, latest credit card statements and details of any vital or substantial asset you own.
Be prepared for your first meeting: Before going in for the first meeting with your lawyer, you should have with you a brief summary of your circumstances. Take along with you the following information- your date of birth, full name and address, full name of your ex-wife, name and ages of the children if any and a the summary of your financial standing.
Get hold of your marriage certificate and valuation of your pension: While in the process of filing for divorce you must have with you an original marriage certificate or a duplicate obtained from the registry office. You can work to reduce the cost of your divorce by getting a valuation of your pension. Pension during divorce is an important family asset and vital possession. You should remember that your divorce attorney would always require an up-to-date valuation of your pension.
Organize your monthly budget: To reduce the cost of your divorce, you would have to take note of your monthly budget and work to reduce the same. A budget would work to your advantage when you have to split your finances after divorce. You should always be honest when organizing your budget. You attorney would have to have knowledge about your monthly income and your monthly expenses.
While in the process of filing for divorce, you should ensure that you choose a professional divorce attorney who has a good track record. The divorce attorney you choose should be able to handle your case in manner which would support you financially and as a human being.
It would be advisable to take your time and do proper research before selecting a divorce attorney to fight your case.