Settling a divorce case is not only emotionally depressing. Accept that it can possibly break the bank, especially if you’re working with an experienced divorce lawyer or your spouse seemingly doesn’t want to settle the case, as it gets dragged into a more complicated process or litigation over time. That being said, it’s important to map out your finances carefully. Through that, you have control over the legal costs and you’re sure they won’t turn into financial mishaps. Here are some tips on how you can do it.
Everything on Paper
The first thing to do is collate all personal and family documents that have something to do with finances. Documents include tax returns, loan paperwork, bank statements, insurance policies, and investment records. These will help you see future expenses. Some of them may be also required by your divorce attorney.
The Current Expenses
Don’t overlook present overheads when calculating expenses. Keep track of all your expenditures, even the seemingly trivial ones, like groceries, office snacks, and gas so you can see how much you will have to spend for you and your children’s needs on a daily or weekly basis.
Advice from Friends
Although your situation can be a bit different from theirs, it’ll be wise if you consider advice from friends who have undergone the same process. Learning from what they experience will help you see possible problems you may face as you go along the way, especially on the financial side. Weigh their advice and use the ones that will fit just right in your case.
Professionalism on Your Part
As a lawyer’s time is usually billable, it will be wise if you make the most of each transaction. Be professional and plan your face to face meeting with your lawyer. List down your concerns so you and your lawyer’s conversation will have a direction, thus, making it more productive. Don’t use the time to unburden emotional load. Finally, do all the work you think you can handle instead of handing it over to the lawyer.
Settling a divorce case may be quite costly. But that doesn’t mean you can’t do anything to cut down the expenses even by a bit. Follow these tips to prevent legal costs from piling up and outliving your finances.