Divorce can quickly become one of the most expensive transactions of a Colorado resident's life. While many divorce cases involve two people who dispute every item of the future divorce decree, individuals can take steps to minimize expenses related to divorce so that both spouses can walk away with less financial trauma.
One of the best ways for spouses to protect themselves is to close down all joint accounts. Spouses can still be liable for the debt that the other spouse accumulates on a joint account after the divorce decree is entered. Furthermore, creditors do not have to respect what is in the divorce decree because the court does not have jurisdiction over them. Another way to minimize divorce expenses is, to be honest about financial information. If a person is caught in a lie, a judge can impose financial sanctions on him or her. Lying also raises the probability of having to go back to court for a modification.
Although divorce can often be heated, it is for the financial benefit of both parties to be amicable. This cuts down on legal fees if the divorce is uncontested. Additionally, spouses can work out the basics of an agreement and then bring in the lawyers to finalize the agreement, saving money on billable hours.
Another way to save on divorce expenses is to carefully select a Colorado family lawyer. Lawyers charge various rates, so shopping around may save a significant amount of money. An affordable, experienced lawyer may be able to provide the same level of service as the priciest lawyer in town. A lawyer should be able to explain which fees can incur and on which grounds, such as whether an hourly rate or a flat fee will be applied.
Source: The Huffington Post, "5 Ways to Cut Costs During a Divorce", Elliot Grey, October 27, 2013
Tags: Divorce, dispute
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