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Financing a divorce: keeping costs down

One concern that Minnesota couples have when it comes to divorce is: how much will this cost? The average cost of a divorce in the United States is $15,000. This is a lot of money for the average working class person - even more so for a stay-at-home parent whose savings are little to none. What are some ways to finance a divorce and how can you keep the costs down?

There are several ways to pay for a divorce. Many people use credit cards. If you have a 401(k), IRA or other retirement account, you may be forced to use it and pay the early withdrawal penalties. It may be in your best interest to sell antiques, heirlooms or other lucrative assets. As a last resort, you may need to consider taking out a loan or getting financial help from family members.

There are ways to keep costs down in a divorce. You may not even want to speak to your soon-to-be ex-spouse, but communication can help you reach resolutions on various issues, such as property division, child custody and alimony. If communication is difficult, you can seek help from a mediator. But if you choose to have the court settle every dispute, expect to pay more. It's in your best interest to be cordial and try to finalize the divorce amicably.

A divorce isn't cheap but, in the long run, the benefits will outweigh the costs. Although the end of a marriage can be devastating financially and emotionally, the end result is to put you in a better situation. Your happiness is worth the money you'll spend. If you're considering a divorce, contact us for a free consultation.

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