Rachael Scharrer shares how she spent much less than thought on divorcing and she shares how
After 5 years in the family court using a full-service legal firm, I knew I had spent a lot of money. When asked to place $15,000, $30,000 and $50,000 into a trust account for an interim hearing, two final hearings and for barrister fees, I knew I had spent more than I could have afforded on my own.
My ex-husband left me in debt. Our financial settlement meant that there was no exchange of funds … but meant that I took on his loans (which I paid out) and full financial responsibility of our children It also resulted in me choosing to spend a small fortune on protecting the children. It was my priority to ensure that they were safe and had stability.
I was certain I had spent over or around $250,000 on legal fees. I could have bought an investment property with the money spent!!
A few days ago, I received a reconciliation of my lawyer’s trust account. I was both shocked and delighted - I spent far less than I recall.
So, between the trust account funds, some smaller regular amounts paid by me directly, I spent less than $150,000 in 5 years – which is on average $30,000 each year. WHAAAT! I couldn’t believe it.
Of course, I phoned my mother. I shared my learnings and her response was “of course! You did so much work!”
I was very conscious that if I didn’t put in effort my bill would have been so much higher. I was really fortunate that I had two little children at home, a job that offered flexibility and I had the time to invest in my second full-time job (which was my divorce).
If you are currently going through your divorce, it’s good to know:
Let me share with you how I did it and how I managed to keep my costs down:
Accordingly, I created the Divorce Answered Tools so that you too can make in-roads to being cost efficient by using free and affordable resources while feeling confident with the advice of a professional family lawyer.
Your divorce is what you make of it – depending on your circumstances, you may spend a lot more money in a shorter period or a lot less over a longer period on legal fees when divorcing. You only have one chance at divorcing so you had better get it right – being money smart and savvy with your efforts is important to conserving your funds and
Remember, divorcing isn’t all bad. It has also been the most liberating, transformational and empowering experience of my life. I chose not to simply survive my divorce, but I chose to thrive (and help others going through their own process).
If you need assistance getting prepared, creating momentum, assistance with the reality of divorce or support, please schedule a Strategy Session today! Click here for more information