Understandably so, finances are likely a big concern when it comes to following through with your divorce. However, there are available practices in which you can protect your money through your proceedings. Follow along to find out just how expensive an uncontested divorce is versus a contested divorce and how one of the Sparta divorce attorneys at Paris P. Eliades Esq. can help to protect your assets.
How expensive is an uncontested divorce?
First of all, an uncontested divorce is one in which you and your spouse are able to work together to negotiate your divorce-related terms, such as your alimony, child support, child custody, and property distribution. This type of divorce uses alternative methods to litigation. For one, you and your spouse may enter mediation, where you will reach a mutually acceptable settlement agreement with the help of a neutral, third-party mediator. Or, you and your spouse may enter a collaborative divorce, where you will reach an agreement with the help of your respective legal representatives. In both of these cases, the cost of your uncontested divorce will be approximately $5,000.
With that being said, it is important that you and your spouse remain amicable throughout your uncontested divorce proceedings. This is because, even if you disagree on only one divorce-related term, then you will have to turn this into a contested divorce. And with litigation now involved, the cost of your divorce will jump up to as much as $13,000.
How else can I protect my money in my divorce?
So while an uncontested divorce is an ideal way to make your divorce relatively inexpensive, there are other methods you can follow. Examples of how you can protect your money during your litigation proceedings read as follows:
- Work toward financial independence: you must open a bank account that is only under your name, along with a credit card, so that you can start building an independent financial portfolio.
- Organize your financial records: you must keep an inventory of which of your assets are considered separate property so that they do not enter equitable distribution. In addition, you must keep track of how much money you have in your joint bank accounts, retirement accounts, etc. to ensure that you receive your fair share.
- Hire a forensic accountant: they will identify any assets that your spouse has hidden from you and that is rightfully yours.
For more information on how to financially prepare for your divorce, reach out to a proficient Sussex County, Sparta divorce and separation attorney today. We will work in your financial best interest. Call us today.