dollar bill coins

What Are the Best Ways to Save Money During a Divorce?

It is undoubtedly true that undergoing a divorce can be quite financially draining. Rest assured, there are money-saving practices that you can follow throughout your proceedings. Follow along to find out the best ways to save money during divorce and how one of the proficient New Jersey divorce attorneys at Haber Silver Russoniello & Dunn can be of support for you.

How much does a divorce typically cost in the state of New Jersey?

There is no set cost for divorces in the state of New Jersey, and this depends greatly on the circumstances surrounding your divorce.

For one, if you and your spouse are able to choose an uncontested divorce route, in which you can reach an agreement on all your divorce-related issues, then your divorce may cost anywhere between $4,500 to $5,000. However, if you and your spouse have contested issues and need to undergo litigation proceedings, then this cost can jump as high as $13,000.

What are common ways to save money during a divorce?

Considering the above, one of the easiest ways that you and your spouse can save money is by divorcing amicably. With this, you may be able to successfully undergo an uncontested divorce, which will automatically cut your expenses by approximately 50 percent.

However, we understand that some situations do not afford this opportunity and that sometimes, a contested divorce is the only option. In these cases, there are still money-saving methods that you can practice, and they read as follows:

  • Open a bank account in your name only: this is one of the best ways you can establish a credit history of your own or otherwise build a better credit score.
  • Close your joint bank accounts: this is one of the best ways you can avoid being responsible for your spouse’s personal bills in the future.
  • Take inventory of your separate property: this is one of the best ways you can establish what assets solely belong to you so that they are not subject to equitable distribution.
  • Share your retirement accounts: instead of starting over with your retirement savings, you should understand that having this marital property distributed fairly and equitably is the best option for you.
  • Change your will: you should understand that your spouse may not automatically be removed as a trustee, estate administrator, or beneficiary in your will.

If you require more financial advice, in addition to legal advice, then reach out to a talented attorney from our Morris County divorce & separation law firm today. Of note, we can even help you follow through with an uncontested divorce to save you money. Regardless, give us a call today.

Contact Us Today
Website Designed & Managed by