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Reducing the costs of high asset divorce

| May 2, 2021 | Divorce |

It has never been a secret that getting unhitched can be expensive. That can be especially true for Virginia spouses going through a high asset divorce. A contested divorce is already quite expensive. If the couple has children or owns valuable assets, the costs may be much higher.  

Cutting costs 

Even couples who don’t need to worry about their financial situations likely want to cut divorce costs where possible and the first would be to file for an uncontested divorce. Soon-to-be former spouses need to discuss these divorce issues which are usually the most contentious parts of a divorce: 

  • Child support 
  • Alimony 
  • Property division 
  • Child custody 

The more things upon which individuals can agree, the less likely the case will end up in litigation which is where costs can add up. Mediation could be a positive alternative to litigation. It could mean saving thousands or even tens of thousands of dollars, depending upon a couple’s circumstances. Compromise goes a long way to saving dollars.  

Preparing for expenses 

Couples may want to renegotiate any legal contracts that exist between them such as phone plans, points’ cards, etc. They must consider what they will need moving out on their own and also whether they need to refinance any loans — such as vehicle loans — if one person will have them in his or her name alone. 

There are many things to negotiate in a high asset divorce. A Virginia lawyer may be able to help find a client the best way forward in these cases. In any case, it is always wise to seek independent legal advice before agreeing to anything during a divorce.