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Ways to avoid piling on debt during a divorce

Anyone in North Carolina who has been through a divorce knows the emotional toll it can take. Yet, as tough as a divorce is emotionally, it can be even more challenging financially. Divorce is notoriously expensive and can cost thousands of dollars. Here are some ways those going through a divorce can avoid piling up massive amounts of debt.

Budget and cut costs

To keep from going into debt during a marital breakup, try to live more frugally. Cut expenses by eliminating nonessential things like entertainment, new clothes or dining out. Creating a budget can help in gauging where money is being spent and what expenses can be cut.

Use credit cards sparingly

Since those going through a divorce are often forced to spend most of their income on attorney fees and other divorce fees, it is common to use credit cards for living expenses. Of course, it’s incredibly easy to run up massive amounts of credit card debt by doing this. Use credit cards sparingly and keep tabs on credit card balances by carefully examining monthly statements.

Consider mediation

Going to court is one of the most expensive routes to take to resolve a divorce. If both spouses are willing to work together to reach a resolution, mediation may be an option to consider. In mediation, spouses will work with an impartial third-party mediator to settle the divorce. This will keep the matter out of court, potentially saving thousands of dollars.

Separating from a spouse is often one of the most difficult and confusing events a person can go through. Fortunately, those in North Carolina who are headed for divorce do not have to face this experience alone. An experienced and knowledgeable family law attorney can help individuals navigate this process and protect individual rights along the way.

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