Divorce can be expensive. When most people picture costs typically associated with divorce, they think of child support or potential alimony. However, the reality is that the divorce process can easily cost tens of thousands of dollars on its own, particularly if it is a high asset divorce.
Fortunately, there are ways to save money on your divorce. According to Forbes Magazine, one of the best ways to save money on the divorce process is to choose a collaborative divorce.
What is collaborative divorce?
If, when you think of divorce, you think of a courtroom, you are picturing a trial divorce. Trial divorces are the most expensive variety of divorce due to the number of legal personnel involved with them. Depending on the trial divorce, you may require the services of multiple lawyers, judges, legal aides and paralegals.
In contrast, a collaborative divorce typically only involves each party having their own lawyer and a conference table. The lawyers and both parties will meet regularly to talk about and compromise on the terms of the divorce. Not only can this save a lot of money, but the process is usually much faster than a trial divorce, too.
What are the negatives?
In order for collaborative divorce to work, both parties have to be willing to collaborate with each other. If you and your ex-spouse cannot stand to be in the same room together, it is unlikely that collaborative divorce is a serious option. Additionally, if standing up for your needs directly to your partner concerns you, collaborative divorce may not be the best choice.