A typical divorce is a long, costly process – both emotionally and financially. Once in the court system, a divorce case can often take at least 18 months (or longer) to resolve. Attorney and court fees can pile up in a hurry during this time period. Because of this, family law practitioners & their clients are increasingly turning towards the collaborative divorce process to save time, money and to create better outcomes for both spouses.
Let’s take a look at just one of the benefits today though. How does the collaborative divorce process save me money?
The financial benefits of collaborative divorce include:
• Major reductions in court costs/fees (no trial).
• Reductions in lawyer fees associated with going to court (hearings, discovery, appearances, etc.).
• Fixed overall costs that can help with long term budgeting
Removing a trial from the divorce process also removes a host of court fees and other costs that come from having to always be in court, like additional child care, time off from work, etc. The collaborative divorce process is more flexible than traditional divorces and allows both parties to work on their own schedule. No need to take vacation days to complete the divorce or to find someone to watch your children while you’re spending two days with your attorneys. A flexible schedule allows both parties to save money.
You’re also saving money on the lawyer fees side. Since collaborative divorces are completed much quicker than traditional divorces (on average about 18 weeks), you save money with a much shorter overall process.
One thing you do need to understand is that a collaborative divorce CAN cost more than a traditional divorce – it just isn’t likely. A collaborative divorce can be counted on to cost between $16,000 and $18,000 no matter what happens. Because the cost is fixed, it is much easier to budget now and for the future.
A traditional divorce may only cost a few thousand dollars if you are extremely lucky, but typically costs will escalate anywhere between $20,000 and $50,000. Traditional divorces can even cost much more than that depending on how bad things get in proceedings.
Any divorce is going to cost money, but not all divorce processes are created equal. Collaborative divorces are an increasingly popular alternative to a traditional divorce and end up saving time, money and reducing stress on the spouses and family.
Find out more details on the Collaborative Divorce Process at the following links:
–> Podcast: The Differences Between Traditional & Collaborative Divorce
–> What is Collaborative Divorce
–> Who is Involved in the Collaborative Divorce Process