Your finances may look a whole lot different after a divorce as you adjust to getting by on one income, rather than two. Even if you were not working during the majority of your marriage, your financial future may still look much different when your relationship comes to an end.
Not every divorce has to cost you an arm and a leg. Many former couples facing similar circumstances find that they are able to save money by opting for an uncontested divorce. What does uncontested divorce entail, and how might it help you financially as you embark on life on your own?
How uncontested divorce works
An uncontested divorce may be right for you if neither you nor your former partner object to the split. Sometimes, these divorces involve lawyers throughout the process. In other cases, they do not involve attorneys until the end. In an uncontested divorce, you and your former partner try to come to terms on matters ranging from asset division to child custody without going to court.
How uncontested divorce may save money
Rather than spend a lot of money on court costs or attorney fees fighting over every last asset or aspect of your split, uncontested divorce encourages working these matters out on your own. In a traditional litigated divorce, time is money, so everything you argue over has the potential to take away from how much you have available to you after your split.
With an uncontested divorce, you may wish to work through matters as quickly and amicably as possible. In doing so, you may be able to put away that much more money to use for a down payment or security deposit on a new place to live. You may, too, have more to put toward retirement or into your savings.