Five Ways to Make Sure Your Divorce Doesn’t Break the Bank
Many people associate divorce with sky-high costs. Divorce can be expensive, it’s true, but not all divorces will empty wallets. It is possible to keep your costs to a minimum while still keeping both you and your spouse satisfied in the process. Here are five ways to make sure your divorce doesn’t break the bank.
- Consider alternatives to divorce litigation.
Taking your divorce to court can cost a lot.
Divorce mediation is a cost-effective alternative to litigation. The divorce fees required by the court are minimal. The bulk of divorce costs often goes into the pockets of divorce attorneys. Working with a mediator can save you these costs.
- Be creative with your finances.
Battling over your finances in court is one sure fire way to increase the cost of your divorce. It benefits no one to fight for months in court over who gets the furniture or the RV. Sitting down and hashing out the details in a few mediation sessions, however, can help you reach an agreement that looks out for both of your financial interests without the involvement of the court.
- Be aware of tax implications early on.
Taxes are an often-overlooked component in a divorce. Alimony is taxable income and a tax deduction for the spouse who pays, but you will not be taxed on awarded assets. Working with your spouse on an arrangement for your finances that maximizes both your tax benefits is doable and can save you a lot of money come tax season.
- Choose help wisely.
An experienced mediator can help you divorce effectively and efficiently, minimizing the chance that you will need to take any matters to court now or down the road. This can save you time and money. A good mediator will typically charge higher rates but will be a solid investment of your resources.
- Know the basics.
A skilled mediator will provide the information you need to make educated decisions about your divorce, but it is best to go in armed with all the basic information and prepared for mediation to make the most of your investment. Read up on Massachusetts divorcelaw before starting the process, and make the most of your divorce mediation planning session. This session is held prior to the commencement of the mediation process and helps you and your spouse start out on the same foot. This can increase the efficiency of your divorce, and this can lower costs.
These are just a few suggestions for how to minimize your divorce costs.
Speak with a divorce mediator if you are serious about keeping those costs down. Mediation is a cost-effective alternative to the traditional divorce and, when both spouses are well prepared, can result in an efficient divorce.
If you have questions about how to keep your divorce costs down, Mediation Advantage Services can assist you. Experienced in divorce mediation, Polly A. Tatum can help you and your spouse divorce efficiently and effectively, preserving your assets and your peace of mind. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office at 508-795-1557, fill out our online form, or email us at [email protected] today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.