In today’s society, regardless of whether your divorce is contested or uncontested, it is going to be costly. However, certain practices can help you save money during the divorce process. In the unfortunate event that your marriage has failed and you are seeking a divorce, contact an experienced Shelby County, Tennessee Divorce Lawyer who can help you navigate the complexities of the divorce process. In addition, please continue reading to learn about the most effective ways you can save money during your divorce.
What are the most effective ways to save money during a divorce in Tennessee?
Divorces can be overwhelmingly expensive. However, there are certain steps you can take to ensure you are saving as much money as possible during the divorce process. To cut the cost of the divorce process you should:
Hire an experienced divorce lawyer
Firstly, the most practical and effective way to save money during a divorce is to hire an experienced and adept divorce lawyer. With years of experience, Shelby County, Tennessee divorce lawyers are equipped with extensive knowledge that can help you save a substantial amount of money during the divorce process. They will be able to help you find the most suitable divorce path for your specific needs. A divorce lawyer should give you alternative options to litigation such as divorce mediation. Divorce mediation can save you a significant amount of time and money. Ultimately, the first step to saving money during your divorce is retaining the legal services of a qualified divorce lawyer.
Close any joint accounts
Often, married couples have joint accounts. It is imperative to freeze or close any joint credit card accounts as soon as possible to ensure you are not liable for any of your ex’s expenses during or after the divorce. Credit card companies do not care if you are divorced. They will still approach you as you are still liable for any accumulated debt. Since your name is still on the account, regardless of whether the expenses are your ex’s, you can still be held liable. In addition, it is critical to build or establish your credit history. In certain situations, one spouse may be the “breadwinner” while the other spouse is a stay-at-home parent. After divorce, you may want to buy a house and need a mortgage. Additionally, you may need a car loan. To take out a loan, you need to have a good credit history. It is important to establish your credit and close any joint bank accounts to ensure you are not responsible for your ex’s expenses.
There are several ways you can save money during your divorce. However, the best way is to retain the legal counsel of an experienced divorce lawyer. If you are seeking a divorce, please don’t hesitate to reach out to one of our adept and trusted team members. Our firm is committed to helping our clients achieve a favorable divorce settlement. Allow our firm to assist you today!