Making a clean break | home | Finding a `lifeline’ through divorce
January 10, 2008
Consumer Reports Touts Divorce Mediation
In Consumer Reports “12 Money Blunders That Could Cost you $1 Million” their #3 Mistake is Launching a Divorce War. According to Consumer Reports:
3. Launching a divorce war (CR estimated cost: $49,000 to $188,000)
Divorce may be unavoidable sometimes, but spouses can take steps to reduce the financial impact. Hiring lawyers can ensure everyone’s interests are represented, but the more issues spouses want to slug out, the more billable hours attorneys can charge. CR’s report found that a low-conflict divorce can generally be mediated for about 75 percent less than using attorneys and going to trial.
— CR’s Advice: Because the intensity of the conflict is a major driver of
legal costs, work more toward diplomacy than war, which will increase the viability of the low-cost mediation option. Try hardest to get along on custody, often a hot-button issue. Property settlement is a Solomon-like 50-50 split in most states.
You can find the entire Consumer Reports article here.
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