Question: How can I minimize costs associated with divorce?
Karen: Let's face it: Divorce is costly enough without the extortionate lawyers' fees. During a divorce, people lose, on average, three-fourths of their personal net worth. So to answer your question about how to minimize costs associated with divorce, here is my advice:
Be smart. Be pragmatic. And be greedy. Keeping your family's assets in the family is hardly a crime. The long and bitter battles engendered by the traditional system of divorce destroy wealth in three ways:
- There are the hard costs associated with divorce: legal fees, property valuations, third-party assessments, and so on.
- The devaluation of assets as they remain tied up until a final resolution is reached is a cost for which many people fail to account for, yet it can be one of the most significant.
- The value of assets may diminish through neglect as the responsible party's attention is consumed by the legal chaos surrounding the divorce.
P. Bradley Hunter is absolutely correct in stating that court-driven divorces are "vicious, uncivil and nasty." However, there are not only two divorce methods available to divorcing couples in Canada, there are six. As Mr. Hunter mentioned, there is the collaborative law method and the court system method; in addition are four other methods, including negotiation, mediation, do-it-yourself and arbitration.
On a more significant note, I have to disagree with Mr. Hunter's statement that "collaborative law is efficient and effective". While collaborative law is a step in the right direction, the process still involves lawyers from beginning to end. I believe lawyers only need to be present in finalizing a divorce, not planning or negotiating a divorce. Is it not the matrimonial lawyers who create chaos rather than find resolve? Collaborative law may be effective in very specific cases, but keep in mind that these cases are not the norm. In fact, many couples going through a divorce are usually good people in a bad situation looking to find a way to move through it with their bank accounts and integrity in tack.
As an alternative divorce solution provider and financial advisor, I can state unequivocally that a "civil" divorce is possible with a lawyer only present at the end. Alternative divorce solutions like the one I offer are innovative in reducing costs, reducing time, reducing stress and, most importantly, sparing the children. Civilizing divorce can only come from change-beginning with offering solutions that are outside the practice of law.
