One important cost-saving consideration is the distribution of attorney fees between both parties. Understanding how these expenses accumulate can help you make informed financial decisions during the proceedings.
In many cases, one spouse—the “motivated party”—is eager to expedite the process. This individual may take on a disproportionate share of responsibilities, such as preparing financial documents and drafting settlement agreements.
While this seems logical and proactive, it can lead to unintended consequences that significantly increase the overall costs of the divorce.
For instance, diligent attorneys typically begin drafting court documents once they receive financial records from their clients. If the opposing party fails to provide their documentation, the motivated party’s attorney must rely solely on their client’s records. This can result in a costly and time-consuming review process.
BEST PRACTICES TO MINIMIZE COSTS:
Gather Financial Records Early: Before hiring an attorney, (or immediately after retaining an attorney) compile financial documentation covering at least the past three years. This includes tax returns, bank statements, investment accounts, and any other relevant financial records.
Follow the Procedural Timeline Imposed by State Law: Remember, both parties are responsible for exchanging financial documents within court-imposed deadlines. If the opposing party fails to comply, the court may intervene to enforce compliance, potentially reducing your legal costs.
Avoid Unnecessary Work: Once you submit your records to your attorney, allow the legal process to unfold. Resist the urge to take on tasks that should be the responsibility of the opposing party, unless your attorney advises otherwise.
The choice of a lawyer is an important decision and should not be based solely on advertisements.