New York City is expensive. Between paying your rent or a mortgage, refilling your Metrocard, and enjoying all that our great city has to offer, you may feel a little strapped for cash. This doesn’t mean you can’t get a divorce, though, as long as you have a solid financial strategy in place.
Don’t let your financial worries prevent you from filing a case. Just follow these 5 tips from Brian D. Perskin & Associates P.C., and find out how to save money during divorce.
1. Create a Budget and Stick to It
Knowing your finances and creating a budget is essential to saving money during divorce. Keep a record of your monthly spending habits and see where you can scale back. Do you really need to go out to dinner three times a week? Choose one recreational activity a week, and maybe think twice before buying that new suit you’ve been eyeing.
It may not seem like much, but those small sacrifices really add up. You can easily save at least few hundred dollars a month, and apply those funds to pay down your legal fees without having to tap into your savings.
2. Help Your Attorney
Believe it or not, it is possible to hire an attorney and still save money during divorce. Most law firms bill their clients per hour, which means you can run the risk of racking up quite a hefty legal bill. This can be avoided with a little preparation and legwork on your part.
Before you file, start to gather financial records. You can download most bank, loan, mortgage, and investment documents from the institution’s website. Once you have the statements, you can e-mail them to your attorney. Because of your initiative and helpfulness, your lawyer won’t have to subpoena bank and insurance records, or contact the financial institutions on your behalf.
3. Don’t Fight for the Sake of Fighting
Contested divorce cases are rife with conflict, and acting irrationally or spontaneously can cost you big time. One mistake many litigants make is fighting over marital items just to upset their ex-spouse.
Take a break, step back, and really try to figure out why you’re refusing to let your spouse have the living room set. Is thousands of dollars in legal fees really worth an $800 couch and chair? Don’t let your emotions be the cause for your empty wallet.
4. Work out Agreements on Your Own
Let’s say you’re one of the lucky ones: you actually get along with your ex. Why not use this to your advantage, and create settlement agreements regarding child custody, support, and the division of assets without ever having to step foot inside a court room?
Preparing for a trial or court appearance is the most expensive part of a divorce. Negotiating a settlement without a judge’s intervention will save you time and money, while also helping you have a more rational divorce!
5. Your Lawyer is Not Your Intermediary
You hired your attorney for their legal expertise, and to help guide you through the divorce process. A good lawyer will even be able to help you develop a communication strategy for you when dealing with your ex.
That being said, you should not treat your lawyer as your intermediary. This means that you should not turn to them every time you need to talk to your ex, especially if it is something you can easily handle, like deciding who will take the kids to a birthday party over the weekend. All of the unnecessary back and forth wastes time and drains your bank account.
Call Us Anytime!
As one of New York City’s top rated divorce and family law firms, the team at Brian D. Perskin & Associates P.C. understands the financial insecurities some New Yorkers may have. This is why we do our part to help keep their legal fees low, and actively work to settle cases without trial whenever possible.
For more information, or to learn more about how we can help you, contact us at 718-875-7584 to schedule a free, no obligation consultation.