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Can Using Collaborative law Save Money on A Divorce?

December 6, 2016 by West Coast ADR

Everyone wants to save money when they can, especially on things that aren’t enjoyable. It may come as a surprise to some that there are ways to cut costs on a divorce, a process nearly synonymous with major expenses and financial pitfalls. One financial expert has recently shared tips on how to be fiscally responsible during a divorce, and using collaborative law might be one of the keys for people in British Columbia considering a separation.

The first step should be an ongoing one in anyone’s life: being aware of one’s own finances. That entails being cognizant of what one’s assets are and what they’re worth. It also means knowing what one owes and to whom. Additionally, on should keep tabs on all of one’s income streams and annual expenditures. Knowing these things in advance and having ready access to important financial records will save time if a divorce comes to pass.

Keeping one’s emotions in check as much as possible can also help save money and enable better decision making. As an example, the expert cites the family home: while one may be attached to it sentimentally, keeping it might not be the best financial decision for everyone. Guilt and anger are also bad emotional foundations for settling a divorce, and they may get in the way of what’s really important.

One last piece of advice from the expert is to settle out of court, if possible. Litigation can be very expensive, and favourable results are far from guaranteed. Taking advantage of the processes of collaborative law may help two people settle their differences, divide their assets and move on with their lives in as efficient a manner as possible. An experienced British Columbia-based family law firm is well equipped to assist a couple or an individual achieve this goal.

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

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