Need to keep divorce costs down? Collaborative law might help

The number of “gray” divorces has continued to climb. Unfortunately, the costs of dissolving a marriage later in life can be a significant factor in the decision to file a petition for divorce. Though Florida residents who are preparing for a divorce after a lengthy marriage may worry about the costs, there are ways to reduce the expense, including choosing a collaborative law approach.

It is estimated that a divorce for those aged 50 and older may run about $50,000 to $100,000. There are ways that spouses can cut these costs significantly. One of the first is to try to avoid the courtroom trial approach. There are other ways to seek a divorce that can help cap the expenses, depending on a particular situation. Those who can work cooperatively through separate attorneys may find that a collaborative law method can keep costs to a minimum compared to a trial divorce.

Along with choosing a less-combative approach, spouses may lower costs by communicating with attorneys through email rather than personal meetings or phone calls. Those who can compile all financial information efficiently also can save time and money. Working together to decide on the division of marital property and retirement assets is another way to reduce costs.  Spouses are encouraged to reach an agreement on the value of possessions and property when possible, rather than seeking a professional appraisal, which adds to the total costs.

The process of seeking a divorce is often emotionally and mentally draining. When significant assets are at stake, the process can take a toll on one’s financial stability. Florida residents who decide that a divorce is their best option may wish to consult with an attorney who is well-versed in the collaborative law approach in order to seek the most cost-efficient and equitable settlement that will best meet their needs.

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