How to Save Money and Prevent Severe Financial Loss During Divorce

A divorce is, without a doubt, one of the most difficult things a person can experience. Not only does it mean the end of a marriage and disruption of a family, but there’s also a potentially severe financial impact to consider. In this post, we’ll highlight a few ways — from hiring a specialist family lawyer to postnuptial agreements — to save money during a divorce.

Although the divorce rate in the UK is down (despite an increase in the last couple of years), there are still a substantial amount of British couples untying the knot. The breakdown of a marriage is not only upsetting and stressful; for many people, it can be a financial strain that’s very difficult to recover from. So naturally, this creates a certain sense of fear surrounding the management and loss if money during a divorce.

In this article, we’ll discuss the various financial aspects to consider before and after your divorce, as well as what you can do to prevent excessive costs or loss of funds.

Shop Around for a Specialist Divorce Solicitor

When it comes to divorce or any other legal matter, it’s essential to seek the advice and services of a high-quality representation, which in this case would be a divorce solicitor. To ensure the best possible resolution, it’s crucial to shop around for a legal representative that best suits your needs.

A specialist family lawyer will have an in-depth knowledge of all areas of family law, such as divorce, child law, prenuptial agreements and much more — all of which will prove to be invaluable during divorce proceedings. Shopping around will be a huge benefit, as it allows you to find the best possible firm for the job, rather than those who are a jack of all trades and master of none.

When shopping around, it’s important to note that opting for a ‘cheaper’ firm may seem like a smart move to save money, but in the long run, it could work against you if they are a lesser firm or lack experience. Poor-quality legal representation will prove to be an issue with complicated divorces and settlements, which could lead to receiving an unfair share of the marital assets.

Push for a Clean Break

Due to the emotions of a breakup and the stress of dividing shared assets, a divorce can quickly become a hostile affair. While this may be difficult to avoid in some cases, to get a fair share quickly and without hassle, it will be in your best interest to push for a ‘clean break’. This is where both parties agree on the proposed terms of the divorce, divide the assets equally and part ways without the need for court hearings.

If you and your former spouse are on bad terms or can’t agree, then it’s likely that your divorce will need to be settled in court, but you may want to reconsider your options and attempt to reconcile your differences — for now, at least. This is especially the case if your main goal is to save money, as this will incur additional legal fees and divorce solicitor expenses.

If you have a prenuptial agreement in place, a clean break will obviously be a lot easier to accomplish, as you’ll have a clear blueprint of how your assets should be divided. While prenups aren’t technically legally binding, they do carry weight with the courts and will usually be stuck to without the need for changes.

Approach it Logically, Not Emotionally

In divorce cases where couples become hostile or bitter towards one another, it’s commonplace for emotions to outweigh logical thinking. This will heavily influence the divorce proceedings, as well as the way shared money and assets are distributed. Decisions fuelled by your current thoughts and feelings are not always a true reflection of what you want, and this can often lead to assets and even children being used as pawns or leverage during divorce.

A logical approach would be to avoid court, which ultimately would result in the aforementioned ‘clean break’. To achieve this in a quick and hassle-free manner, both parties would need to agree to the divorce and how assets will be divided. Your family lawyer will be a vital asset during this period, as they will provide you with essential advice and knowledge to ensure the best possible outcome.