There is a growing trend to use one attorney who, subject to the husband and wife signing a conflict waiver handles the entire divorce for both sides.
Los Angeles, CA (Vocus) September 17, 2010
Breaking up is hard to do and can be both emotionally and financially devastating.
With high employment rates still plaguing the nation and borrowing rates on the rise. The last financial nail in the coffin is separation from a loved one. For many celebrities, divorce is very public and extremely expensive. For many couples in America it has become an additional reason for their financial troubles.
There are a number of cheaper methods when it comes to divorce. For couples who have the initiative to do some of the legwork themselves, mediation and collaborative divorce can pay off financially.
The Federal Trade Commission (FTC) has some helpful facts for consumers going through divorce. FTC Public Affairs Specialist Frank Dorman says, “This information was published to provide useful information to the consumer.”
For Patricia Hagen an Oregon resident divorce certainly added to her financial troubles, “The attorney was costly. Surviving on one income also added to my financial troubles.”
Patricia engaged with the Howard | Nassiri Law Firm with more then $20,000 in debt. She had four credit cards and was using them for everyday survival. The Howard | Nassiri Law Firm is supported by the legal software services of Morgan Drexen.
General Counsel for Morgan Drexen Jeffrey Katz says there are ways couples can save money, “There is a growing trend to use one attorney who, subject to the husband and wife signing a conflict waiver handles the entire divorce for both sides.”
For many consumers the advice comes too late. Kimberley Kinsella is a Massachusetts resident who also faced financial hardship while going through her financially draining separation. “I accrued my debt when I got divorced. I had three small children to care for. I had the house and I needed to make those payments.”
Kimberly admits that she was not confident enough to deal with her finances alone, “I had to pay for a lawyer. My ex husband got half of everything I had.”
Kimberly has been divorced 8 years but she recalls that the cost was over $6000.This led to her financial situation spiraling out of control.
Credit issues when it comes to divorce are complicated. Keep a close eye on the status of your credit accounts. If you own a joint account keep making the payments. As long as there is an outstanding balance on your account both spouses are responsible for the debt.
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