Recent research from Glasgow-based Austin Lafferty Solicitors has discovered that over a quarter of married adults, or those in civil partnerships, would delay or reconsider their decision to divorce or dissolve a partnership due to concerns about their financial security in later life.
The research conducted with 2,001 adults showed that some 33 per cent of adults who are either married or in a civil partnership would be worried about how a divorce or separation might affect their finances as they got older.
However, before a relationship dissolution gets to the stage of discussing the distribution of later-life finances, disrupter divorce firm Fair Result warns that each case is different - and so are the legal fees involved.
Their experts have shared four tips to help keep costs down during the divorce process.
Where do you start to reduce costs during divorce proceedings?
It’s important to be aware of what to expect and how you can do your best to avoid racking up unimaginable fees.
If possible, keep talking to your ex-spouse
The more you can agree on in terms of finances, pensions, and children before any lawyers get involved, the quicker and cheaper the process will be. In some cases, especially if there is any history of domestic abuse, this may not be possible, but it is a good start for trying to keep costs under control.
Don’t be stubborn or greedy
Fair Result said: “Very often we have seen divorces turn into very nasty and bitter disputes over money and possessions. Don’t waste money on lawyers writing letters for something that has very little merit. Often you can spend more than the item is worth. Let it go.”
Use your time with your lawyer wisely
“Make sure to ask your solicitor all the questions you need to ask, to get as much information as you need,” advises Fair Result.
They advise that you plan your contact with your lawyer in advance to use the time wisely and get the information your lawyer will need such as credit card statements, evidence of earning capacity, and arrangements for the children over the past 12 months, in an easy-to-use format.
Fair Result also suggests organising PDFs of all your documents to avoid using your lawyers time to do administrative tasks you could do yourself - this will save you time and money.
Fair Result also warns: “Don’t use your lawyer as your support worker, to get you through the emotional stress of the divorce. It will all add to your legal bill.”
Avoid the final hearing
Always think about keeping the lines of communication open and do everything to reach an agreement with your ex, outside the court.
There are many descriptions of adopting a mediation approach or a collaborative approach, but at its essence, it’s about talking and reaching an amicable financial settlement that’s palatable for everyone.
Fair Results suggests that in order to keep divorce costs down you should think about what you want to achieve and stay flexible.
It said: “When the time is right, sit down with your ex-partner and have a conversation. Most importantly, be sensible about what you might get into a fight about and try your best to find a solution without a dispute.”
Get the latest money-saving and benefits news sent straight to your inbox. Sign up to our weekly Money newsletter here.
