While divorce can be costly, there are many steps you can take to help lower those costs. One of the most important steps you can take is to work with an experienced divorce attorney to help plan for the potential financial impact a divorce might have. The following information contains some helpful tips on how you can anticipate and overcome the financial concerns related to divorce.
While you may want your attorney to provide you with the cost of your divorce up-front, experienced attorneys will explain that it is often impossible to do so. While an attorney will be able to provide you with information related to filing fees and other court costs, as well as information about that attorney’s fee schedule, it is not always possible to even provide a rough estimate for the legal fees associated with divorce because of the unpredictable nature of the process. Generally, uncontested divorces cost less than contested divorces. However, even if your divorce process begins as uncontested, any number of factors may change that could extend the legal process involved as well as the amount of work an attorney has to do on your case.
One way to help cut down on some of the legal fees associated with your attorney is to ensure that documentation related to your divorce is organized in a clear, logical fashion. Your attorney will help you understand the types of information and documentation they will need as the divorce process moves along, and making sure that you have those things ready can help avoid additional time and fees. Taking the time to put together the information your attorney needs in a way that allows them to access it easier and more effectively can help the attorney utilize them in a timely fashion, requiring less time be spent on your case. In other words, bringing all of your important paperwork to your attorney in piles in a box is going to take a lot more of your attorney’s time than providing your attorney with labeled documents provided in a binder. Gathering this information will also help you understand your current financial situation so that you can better anticipate the potential financial impact of divorce.
Child Support and Spousal Support
Alabama has specific rules governing spousal support, often referred to as alimony, and child support. These can be found in the Code of Alabama 1975 in Title 30, Chapters Two and Three. Your attorney can help you understand general trends related to these costs, as well as provide you with information that will help you calculate the potential financial burden of child support and/or spousal support. This information can help you anticipate what these costs might be down the road.
In addition to helping you understand what costs might be associated with child support and spousal support, knowing these numbers can help you better plan for your financial future. It is important to understand that many bills you and your spouse may have shared over a period of time may now become bills you could be solely responsible for. Understanding the potential financial impact of divorce settlements, including the potential amount of child support and/or spousal support, can help you be financially responsible in planning for the future. For instance, you will be able to have a better understanding of the amount of money you will have each month after the divorce in order to make appropriate choices about where to live and what extras you can afford on a monthly basis.
The costs discussed above are not the only potential costs associated with divorce. In many circumstances, there may also be significant tax consequences that arise as a result of a finalized divorce settlement. It is important to make sure that you discuss your concerns related to potential tax consequences with your divorce attorney. In some instances, they may be able to provide you with detailed information specific to your situation that can help you anticipate tax consequences that may arise as part of your divorce. Working with an accountant that has experience handling clients that are dealing with financial concerns related to divorce to establish a budget to ensure that you are able to cope with the potential costs of a divorce, including any potential tax consequences, can be a smart way to help your finances stay on track and ensure that you can emerge from the divorce process as successfully as possible.
Legal Assistance with Divorce in Birmingham
If you have made the difficult decision to pursue divorce or have questions about the potential costs related to an Alabama divorce, contact Alabama Divorce & Family Lawyers, LLC to schedule a consultation. Your consultation will help you understand more about the divorce process, related fees, and the potential financial impact divorce may have on you. Alabama Divorce & Family Lawyers, LLC has worked with many clients throughout the divorce process, and can use that experience to work with you.