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Going through a divorce on a budget

When we imagine walking down the aisle on our wedding day, we are often overjoyed and filled with positive thoughts. These emotions are the exact opposite when that same couple walks down the aisle in a divorce court. The one thing that is similar in these situations is that both spouses want to complete both events on a budget. A wedding and a divorce are two events that can cause a person's wallet to take a major hit. Much like there are ways to marry on a budget, residents of New York may be relieved to hear that it is also possible to divorce on a budget.

According to recent reports, a divorce can range in costs from $5,000 to over $1 million. Every divorce case is different; however, one does not need to be wealthy to experience an extremely costly divorce. Nonetheless, there are ways spouses can avoid racking up a huge bill. By educating themselves, preparing for dissolution and considering the following tips, spouses can get through a divorce on a budget.

Fourth, one should consider alternative methods to litigation. Mediation or collaborative law not only save a divorcing couple time but also money. Next, it is vital to look at the big picture. It is important for a spouse to find the right balance between protecting his or her interests and the willingness to bargain with an ex. Finally, it is important to focus on what's best for you, because at the end of the day, these decisions impact you and your future. Don't let outside advice impact you too much, because only you know what is best.

Divorce is never easy and there is no best way to divorce. However, there are ways to make the process easier, quicker and more cost-effective. Taking the time to explore your situation and what is best for you could help you better understand what steps to take.

Source: cnbc.com, "6 strategies to get a divorce without going broke," Lorie Konish, May 10, 2018

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