One of the biggest expenses in your life may not necessarily be one that you’ll experience – but you’ve got a high chance of it. In fact, as much as 42% of marriages each year end in divorce. If no prenuptial agreement was made, then finances can get a little tricky; dividing up assets and other monies can be both stressful and demanding, especially if you don’t have much by yourself anyway. One party always wins.
We are living in a generation where frugality is highly regarded and practised. But can we be thrifty with a divorce?
Do It Yourself
Just like many things that are promoted within frugal communities, divorces can be done DIY style. This cuts out the courts and fees that may be charged by lawyers and solicitors. This isn’t recommended unless you and your ex-partner are on the same page and good enough terms to settle your own finances, make arrangements for any children that you may have together and complete the process through to the end.
If you cannot go through the DIY route for one or more reasons (and it can only take one small reason for it not to work at all), try and understand as much as you can by going through a family law solicitors and getting everything set out clearly in front of you. This means a lucid explanation of everything that is to happen, including the finances involved. A good solicitor won’t set a number of mini-meetings where not much progress will be made; these are money-makers. The type of solicitor you need to look for is one that will invest a lot of their time and research into each planned session with them and be able to relay that information to you. Although the initial outlay for these meetings may seem like a lot at the time, the worth of them is probably a lot more than you are laying down.
You don’t have to go down the DIY route to be civil to one another and work out finances between you. If you have good, firm, legal backup to the situation then you know that you are at least covered there. Many loopholes can be found if you do it yourself, especially if things start to get nasty and the other party involves a lawyer to specifically look for these. It shouldn’t have to be the way that prenuptial agreements are set out before marriages, but due to the amount that are ending in dissolution, it now makes complete sense in this day and age to do so.
Don’t Do It
Many people can separate without the need for divorce. They can work it out between them and not have to spend anything on fees or a legal team. You simply take what is yours from the relationship and divide up equally what has been previously shared. Although this may not work for everyone, it is most definitely the most frugal option should you reach this unfortunate stage.