Can I Afford to Divorce?
Your marriage may be over and the last thing you want to do is spend anymore time with the person who you want to split from, but in this uncertain economy many couples find that it is becoming more and more expensive to actually get a divorce. Upside down mortgages on homes, debt and joblessness all make it seem difficult to start your life on your own. It is important to take an honest view of your circumstances and see how you can best afford a divorce.
Divorces cost money. Be accurate when determining how much it is going to cost you to get a divorce. You need to look at taking this step clearly and take into account what your financial obligations are. This includes doing the following:
Looking at alternatives to litigation-based divorce. A collaborative approach to divorce can not only decrease your monetary costs, but also allow you to approach divorce in a less antagonistic way. By working with your attorneys and ex-spouse, you will be able to craft a divorce agreement that that protects your interests and reflects your realistic needs without expensive arguing in the courtroom.
Determining how much of your property is actually yours. Your attorney will be able to help you work through this. Dividing property at the end of a marriage can be a frustrating. The law is intended to ensure an equitable distribution of marital property. What that means varies from couple to couple, depending on assets, debts and the existence and enforcement of a prenuptial agreement. A knowledgeable family law attorney will be able to work through this with you and opposing counsel in order to establish an appropriate division.
Creating a realistic budget. Your income may change once you divorce. You need to determine if you can afford to continue paying the mortgage on the home you live in, or if finding another place is a better option. You will also need to set realistic goals and look at possible costs. Will you need to find daycare for you children? What about health insurance? What about meeting reasonable monthly personal expenses?
Setting aside funds to pay your attorney and court costs. Contact your attorney and see what her rate is. Also ask how much filing fees and other court costs are because they are usually not included in the fee schedule. Cost is a factor in divorce and should be carefully considered and addressed early in the process.
An experienced family law attorney will be able to help you determine if it is financially practical for you to divorce. Having worked with numerous clients over the years, she will be best able to explain to you the actual costs of divorce and you can decide if this is feasible. Contact Minneapolis divorce attorney Kimberly Miller today to discuss your options.