Unless you have friends in the know or have already met with a divorce lawyer, you’ll probably never hear a word about these three divorce secrets!
Secret #1: Divorce is seldom cheap.
Many divorce attorneys offer a flat rate for simple divorces, the so-called “cheap divorce.” Most divorces require more attorney involvement, however, than merely filling out a few forms for filing at the local courthouse. Typically, a simple divorce is a no-contest case with the spouses in total agreement on all of the issues. When there are no disputes or complications, a flat rate divorce is feasible. But very seldom will a flat rate be applicable when there are minor children of the marriage. When you see an advertisement for an amicable low-cost, flat-rate divorce, generally the promoted rate doesn’t account for greater attorney involvement in the case if the need arises. The cost of any divorce is likely to increase with disputes over marital property, child custody matters, child and spousal support issues, and hearing or trial preparation, to name only a few.
Secret #2: Your retirement isn’t all yours.
When property is split as part of a divorce, the marital portion of each party’s 401(k), IRA, pension, or other retirement benefit is also divided between the spouses. If the retirement benefit was acquired during the marriage, then be prepared to include it along with other important assets during divorce negotiations.
Sometimes a forensic accountant is utilized to assist the spouses in identifying and valuing assets. Forensic accountants are financial professionals, typically CPAs, trained to accurately project the long-term value of investments and retirement assets in divorce.
Secret #3: You can help reduce the cost of your divorce.
There are many ways that you can help reduce the cost of your divorce. When you provide documents and factual information pertinent to your divorce – and organize it logically, succinctly, and without undue delay – you save on your divorce attorney’s valuable time and resources. The less time your lawyer spends on your case (even if it’s only a few minutes here and there), the more money you can save. If you have the time and ability to gather and organize materials for your case at every step of the process, then do so.
Melissa Bower is a divorce and family law attorney in Peoria, Arizona. Mrs. Bower is a partner with Stewart Law Group. The firm helps clients navigate the legal complexities of divorce, child custody, child support, spousal support, property division and child relocation disputes.
