Because divorce is such an emotional process, many people shy away from talking about the economics of it. The reality is divorce can be extremely expensive, particularly if it is a high asset divorce.
Even before you consider the potential expenses of child support and alimony, divorce itself can be very pricey: sometimes they can cost thousands of dollars for the process alone. According to Forbes Magazine, one of the best ways to save money on your divorce is to go with a collaborative divorce.
How does collaborative divorce save money?
Trial divorces are the most expensive variety of divorce. With a trial divorce, you may require the services of multiple lawyers, judges, paralegals and legal aides. The more professionals involved in your divorce, the more expensive a divorce may end up. This is particularly true if the trial divorce is acrimonious.
With a collaborative divorce, you do not need as many legal professionals. Typically, a collaborative divorce and balls each party having their own separate lawyer, and then all four entities will sit at a conference table and discuss terms.
What are the other advantages of collaboration?
Not only can collaborative divorce save money, it can also save a lot of time. Particularly if you and your ex-spouse are on at least neutral terms, a collaborative divorce can help everybody ensure an equitable outcome.
Collaborative divorces are often not the best choice for extremely acrimonious divorces. But if you are on neutral or good terms with your ex-spouse and want an active hand in crafting divorce terms, collaborative divorces are a wonderful choice.
