Ask anyone about which is more expensive–a wedding or a divorce–more than likely, people will pick the latter of the two. That’s generally because the average wedding nowadays, according to some experts, costs couples an average of $25,000 while an average divorce could cost you thousands more. But despite couples not wanting to spend enormous amounts of money on a divorce, sometimes it’s a necessary burden, especially when assets become contested and neither sides wants to concede.
So how do readers here in Maryland make sure that they get through the divorce process without getting taken to the bank in the process? Some family law experts suggest taking an approach exemplified by Rupert Murdoch this month, who recently filed for divorce from his third wife.
According to people who are close to the couple, their divorce proceedings may be relatively easy considering the fact that the couple signed a prenuptial agreement prior to tying the knot. Their ironclad agreement probably outlines clear divisions of assets as well as determines the amount of timing of spousal support as well. Often associated with high-asset couples, prenuptial agreements are gaining popularity among couples who want that “what if” safety net in the event their marriage goes sour.
If prenuptial agreements are your thing, some attorneys suggest mediation as another option. With divorce mediation, the couple sets the pace while the mediator makes sure that all paperwork is signed and the couple stays on track. Most experts agree that prolonging the divorce process with unecessary arguments and squabbles is often what drives up legal costs in the first place.
Whether you decide on a prenup or move for mediation, it’s important to remember that the divorce process does not simply happen. It takes an enormous amount of work as well as patience. And in most cases, concessions will need to be made in order to not hemmorrhage money during a divorce.
Source: The Bloomberg, “Can We All Divorce Like Rupert Murdoch and Wendi Murdoch?” June 18, 2013