Keeping costs down during high-asset divorces

On Behalf of | Nov 30, 2021 | Family Law |

Divorce can be complicated, messy and expensive. That is just the reality of the divorce process. However, that does not mean that it must be such a costly and gut-wrenching experience. Instead, if the couple can agree to work together to start their new life, costs can easily be mitigated and reduced.

Working together

The first step to keeping costs down is an agreement between the couple to work together on finding the best path forward for each spouse. If the couple can agree on specific items prior to contacting attorneys, that can also save money. This includes visitation schedules for children, property division items, etc.

Mediation and collaborative law

The next path to an easier and cheaper divorce is avoiding court and litigation entirely. This can be done through the mediation and the collaborative law process. Under these processes, a judge and courtroom are avoided, along with their associated litigation fees. In addition, under this team approach, the spouses, and their respective counsels, along with a neutral-third party, work together to put both spouses on the best path post-marriage.

Flexibility is key

When going through the Alexandria, Virginia, property division process, a key way to keep costs downs is to focus on expanding the estate pie through flexibility. This means looking for ways to ensure there is parity. Perhaps, one spouse will pay the capital gains taxes for the sale of one asset in exchange for another. Maybe, the family home will stay in one spouse’s name in exchange for a 401(k). Compromise, flexibility and keeping an eye on finding the best way forward for both spouses will help make the process cheaper and easier.