3 Ways To Work Together & Save Money When Getting A Divorce
If you and your spouse have decided to divorce, and you have a mutual goal of saving money on the divorce process, there are a few ways that you can save money on the divorce process.
1. Get Together All Your Financial Documents
Work together to get together all of your financial documents. If you own a house together, get a copy of your title together as well as records that show what you have paid on your mortgage. If you own investment property together, gather the ownership paperwork as well as all the documentation that shows the money that you have invested together in the property and what you have made.
Get records of each of your banking and savings accounts. If you have retirement accounts, you'll want documentation of what you both paid into the retirement accounts throughout your marriage.
2. Discuss What Physical Objects Matter
Second, sit down with your spouse and discuss what physical objects matter the most to both of you. Start with each of you making a list of items that have sentimental value that you both want to claim. Let each one have any item that is not on the other one's list, and work together to equally divide the items that you both want.
Then, make a list of all the valuable items that you have together. Split them in a way that is equal and also makes sense. For example, if you have accumulated $5,000 worth of yard equipment, but you hate yard work, it doesn't make sense for you to get those items. Divide the items based on who would use and value them, not just on their monetary value.
For the smaller items, such as who has to rebuild their kitchen or who is going to have to get new living room furniture, work to divide things equally. For example, one of you could get all the kitchen supplies, and the other could get the living and family room furniture. Or you could sell all of these items and split the money to make new household purchases.
3. Determine Realistic Custody Agreements
If you have kids, then you and your spouse should talk about custody. Write down the ways that you split childcare now, and talk about how to split it in the future. For example, if one of you works split shifts, you are going to need a different custody arrangement than if you both work 9-5 jobs.
Finally, you need to sit down with an attorney and go through a formal mediation process with your spouse. This will allow you to figure out any details that you could not figure out together, and it will allow for legal contracts to be drawn up that will put into writing what you have agreed upon together. Doing most of the hard work together, and avoiding disputes in court, will save both of you a lot of money in the long run and will make the divorce process smoother for both parties.
Contact a law office like Gomez May LLP for more information and assistance.
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