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Georgia residents budgeting during divorce

For Georgia residents going through a divorce, finances can be a major frustration in an already devastating time in the life of a couple. One of the best actions to take during this time would be to make up a budget to keep debts from getting out of hand, or even eliminated altogether. There are ways to save money to help take some of the stress out of divorce.

One of the main ways to help with a divorce budget is to stay out of court. Mediation, arbitration and collaboration are some alternatives that may help save money. Mediation gives a couple more control of the results and can be executed without an attorney. As the terms of a divorce are final and possibly may not be able to be changed, it is a good idea to have a lawyer check all conditions of the divorce agreement upon completion. A couple will pay for an arbitrator, who make the same decisions as a judge, and will not have to wait to complete the process.

In collaboration, the couple might want to share the cost of an accountant and a therapist to save money but will have to have separate legal representation. Not every state will allow this type of divorce, so a Georgia couple contemplating this action will need to check to make sure it is authorized. Sometimes, going to court is unavoidable. In this case, legal fees can be higher when waiting for a judge to hear a case.

When using legal representation, there are ways to reduce fees. Some of the best ways are to be as organized as possible and to have as detailed a chronological history of the life of the couple as possible. It is also a good idea to have asset division and the care of the children straightened out ahead of time, which may entail the use of a third party.

It will be worth the money to hire the professionals that are needed. Relying on accounting and legal professionals who are able to keep the emotional aspect out of their areas of practice may help take some of the stress out of divorce proceedings. There are avenues of assistance for Georgia couples contemplating divorce.

Source: Fox Business, “How to Make Your Divorce Cheaper,” Andrea Murad, May 16, 2013