How To Save Money In A Family Law Proceeding
If you’re like most people who are on the verge of filing for divorce, you’ve undoubtedly got a lot of things on your mind and are experiencing a wide range of emotions. This can make it easy to overlook or forget to pay attention to the nuts and bolts of the process. However, this approach may prolong the process and cost you time and money. Here’s what you need to know to save money in a family law proceeding:
Provide Full Disclosure
There is probably no single factor more responsible for causing unnecessarily high legal fees than failure to fully disclose all relevant documentation and other applicable financial information to your attorney.
Although we realize that filling out forms can be tedious and time-consuming, it’s a necessary part of the divorce. In fact, by law, you must be forthcoming with this information so that the other party can be served. Failure to provide full disclosure in a timely fashion may result in the following roadblocks on your path to divorce:
Financial sanctions
State-imposed sanctions imposed on those who don’t disclose relevant financial information in their divorce paperwork can reach significant sums. The state doesn’t care if the omission was simply an oversight rather than an attempt to hide assets that the other party may have a financial interest in.
Increased Billable Hours
Attorneys and their staff will rack up billable hours, which you’ll be responsible for paying. Suppose it becomes necessary to contact you, for instance, because the attorney requires more information about your financials before moving forward with your case. It’s going to cost you for their time.
Increased Length of the Proceedings
It’s also likely that failure to be fully transparent about your financial situation at the beginning of divorce proceedings will increase the amount of time it will take for the divorce to become finale. Although this may not directly impact your income, it can add to the stress and anxiety that usually accompany divorce, translating into decreased productivity or performance on the job. It may also keep you from concentrating on seeking a higher-paid position or changing careers.
Increased Chances of a Hotly Contested Case
The chances are excellent that your soon-to-be-ex-spouse will decide to contest the divorce if they believe that there are marital assets that you have not disclosed. This can result in fines, but the judge may choose to grant those assets to the other party rather than splitting them.
Contact Us For More Information
Keep in mind that your divorce attorney is on your side but cannot, by law, help you hide assets. Please feel free to contact our law office in Ventura, CA, at your convenience to learn more about getting through this challenging transition.
