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Expert tips for saving time and money on a divorce

saving-money-during-divorce

With 40 percent of marriages in Canada ending prematurely, it may not be a bad idea to review some strategies for a smooth and cost-effective exit. A divorce in British Columbia can turn into a protracted and expensive undertaking. With these tips in mind, however, it doesn’t have to.

A Canadian financial expert has compiled a list of advice for men and women about to divorce that want to save money. Top of the list is being aware of one’s own financial situation. That means knowing the value of your assets, what your income and expenditures are and being aware of your liabilities. This is actually good advice for anyone. Knowing this information, or how to get it quickly, can save time when it’s suddenly needed.

Settling out of court is another cost-cutting measure, though it may not be possible for everyone. Time spent in court costs in terms of legal fees and loss of time. Results cannot be guaranteed to be desirable, however. Mediating or negotiating a settlement may take far less time and give a better return on investment.

Leaving one’s emotions at the door and not on the table is also a recommended technique. It may be difficult to do, but achieving an optimal settlement might not be possible when guilt or revenge is the motivating factor. Even decisions about property, like the family home, are best made from a logical point of view.

With these strategies it may be possible to save both time and money during a divorce. Of course professional advice and assistance may also help achieve both those objectives. A family law attorney can help a couple or individual navigate the hazards of British Columbia divorce law.

Source: BNN, “5 ways to juggle the financial pitfalls of divorce“, Pattie Lovett-Reid, Dec. 2, 2016

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