To call divorce a difficult process would be an understatement. In addition to marking a legal separation from a long-term partner, divorce can also entail a major restructuring of one’s financial resources. Furthermore, the process is far from inexpensive, and in the wake of a drawn-out divorce, many people are eager to conserve their finances and make smart use of their money. So, if you’ve recently emerged from a costly, strenuous divorce – or are currently in the process of weathering one – the following pointers are likely to come in handy.
Try to Keep the Involvement of Lawyers to a Minimum
The more amicable the split, the more money you and your partner stand to save. If you’re in the process of separating, it stands to reason that the two of you aren’t on the best of terms. However, spending months – or even years – fighting things out in court ultimately stands to bleed both of you dry financially. So, provided the two of you can stand to be in one another’s presence, it should be in your best interest to keep the involvement of lawyers to a minimum. In the interest of drawing out cases and getting the largest possible payday, some divorce attorneys won’t hesitate to prolong cases at every possible opportunity.
Of course, this isn’t to say that attorneys have no place in divorce proceedings. Divorce attorneys can prove very helpful at hammering out mutually beneficial child custody arrangements, for example. However, if you and your partner are in complete agreement on all terms of the divorce, you can save yourselves a tremendous amount of time, money and frustration by filing for an uncontested divorce. Again, even if you and your ex aren’t terribly fond of each other at the moment, approaching a divorce amicably can be a boon to both of your financial futures.
Stay with Friends or Family Members
If you opted to vacate your shared residence – or were forced to do so – you may find yourself in a financial predicament. If you anticipate being without a permanent residence for a long period, even relatively cheap motel fees can slowly chip away at your finances. You can nip this in the bud by staying with close friends or family members until your divorce is in the rearview and you’ve found a new home. This type of temporary living situation may not be ideal for any of the parties involved, but it stands to save you a fortune in lodging costs – and when you’re going through a pricey divorce, every dollar counts.
Now that you’re no longer sharing a residence with your partner, there’s not much sense in seeking out a similarly-sized new home. Downsizing is liable to prove far less expensive and make the moving process considerably less cumbersome. Of course, if you’ve been awarded primary custody of any children or anticipate hosting your kids on a regular basis, this should absolutely be taken into account when shopping around for a new home.
Cash in Certain Investments
If you have any investments that have paid off handsomely, now might be a good time to cash them in. Of course, if allowing them to continue growing is a feasible option, by all means, do so. Still, if you’re short on funds and trying to start a new life, cashing in on wise investments can prove extremely helpful in this endeavor. For example, precious metals are often sound investments, so if you’ve purchased any in the past, cashing in can provide you with a much-needed windfall. So, if you happen to have a 1 kilo gold bar to your name, the cash infusion you’re after may not be as far away as you think.
Divorce can be a long and costly process. Depending on what each party hopes to walk away with, some divorces can take years to be finalized. As such, there’s little wonder as to why numerous couples claim to be “too poor” to divorce. Given what an expensive undertaking divorce often is, it’s in your best interest to save as much money as possible in the wake of being separated from your spouse. Anyone looking to emerge from a divorce with their finances intact should put the previously discussed tips to good use.