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Five Ways to Save Money in Your Divorce

Five Ways to Save Money in Your Divorce

Posted By Meyers Law Group, P.C. || 8-Nov-2013

In a divorce, not only is there emotional and relational stress, but there is also a considerable amount of financial worry as well. At least the financial losses you could face are quantifiable and predictable though. This means that you may only have to take simple steps to protect yourself from this avoidable pitfall of a divorce.

First of all, you have to make the right choice when it comes to your divorce lawyer. Some people's instincts may be to go for the expensive lawyer who can wring their ex for all they are worth in a courtroom battle. Not only will this make an insane dent in your pocketbook, but the emotional scars you would both sustain are totally needless. Instead, you want to find a lawyer who is committed to finding a fair as well as an amicable resolution, and out of court too if at all possible. You also want an attorney who will not break the bank to retain either.

Secondly, you should try to pursue an uncontested divorce. Not only will this quicker divorce settlement reduce your stress, but it will also reduce your legal fees. You, your spouse, and your respective lawyers can negotiate the settlement that satisfies you both, and you can soon be on your separate ways. In fact, you may want to look at divorce mediation to see if it is the right way for you two to come to a settlement.

Thirdly, you need to be on top of your finances. This is true for many reasons, but in divorce it is especially vital that you are precise in your financial disclosure; you do not want to be accused of hiding assets from your spouse. And if a lawyer advises you to do so, you need new legal representation. Not only is hiding funds wrong, but you would be hit with heavy fines for doing so. Doing the right thing will help you out in the final divorce decree too.

Furthermore, you want to close your joint credit card accounts. If these are still open, even after the divorce, you could still be the one feeling the consequences for your ex's debt, even on your credit history. As soon as you can, close your joint accounts, and open up separate accounts. You can then split up the debt from the joint accounts, transferring this according to who is responsible for which expenditures.

Finally, follow the court orders in your finalized divorce decree. This means that if you have any maintenance (alimony) or child support payments to make, make them punctually and fully. First off, this can help you and your ex to have a sustainable and cordial relationship, even as exes. And this is of benefit not only to the two of you, but to your children as well; meeting their support payments is only fair to them. Also, this will save you money from not falling into debt, and not to mention, would keep you from being fined by the court. (However, if you find that court-ordered payments are unfairly high, that you are simply unable to meet them after a sudden change in your life such as a job loss, you may be able to legally act against this by getting these court orders modified.)

If you are looking for an experienced divorce attorney in Long Island, then contact the Meyers Law Group, P.C. When you work with our firm, you can find the compassionate legal representation that you deserve, the legal advocate who can help you and your family find a stronger future, emotionally and financially.