Facebook Twitter Our Blog
Search
Anderson and Associates, P.C.

Free Initial Consultation

847-995-9999

Subscribe to this list via RSS Blog posts tagged in finances during divorce

Schaumburg divorce lawyer financial issues

It is no secret that getting a divorce is expensive. Not only can you lose money in the process, but the time and energy required can also take a toll. A divorce can compromise your finances, so it is important to be smart about money during this time.

During divorce, marital property is divided between spouses, and this property includes all assets and debts acquired during the marriage. When property is divided between divorcing spouses in Illinois, this division should be done in a fair way. This is referred to as equitable distribution. However, each spouse's share of the assets is rarely equal, as decisions about the division of assets are based on many factors, such as the length of the marriage and the couple's standard of living. 

...
Making Good Financial Planning Decisions During Divorce

Palatine divorce attorney financial planningThe end of your marriage is likely to be a traumatic, chaotic time, but taking the time to prepare for your life after divorce will help you begin the next phase of your life on the right foot. One of the key concerns you should address is your finances, making sure that the decisions made during divorce will protect your financial security and ensure that you will be able to provide for yourself and your family. Here are some tips for financial planning during divorce:

  • Gather documents - Be sure to obtain complete records that will give you the full picture of your and your spouse’s finances. These documents may include bank statements, credit card accounts, retirement accounts, investments, mortgages, automobile loans, pay stubs, tax returns, and appraisals of items you own. Fully understanding your financial situation will ensure that assets and debts are divided equitably, and it may help identify any hidden assets.
  • Avoid hasty decisions - It can be easy to make decisions based on emotion during divorce (for instance, one spouse may insist on ownership of real estate because they have an attachment to the marital home), but it is best to take a step back and consider things rationally, ensuring that you are making the right choices to protect your financial interests. It is also a good idea to wait to make any big purchases or changes to your life that may affect your finances.
  • Create a budget - Finances can be strained following divorce, so you will want to be sure to fully understand your income and expenses and prepare for a lifestyle that will meet your family’s needs without causing you to go into debt. If possible, leave yourself some room for flexibility, in case you experience any unanticipated expenses.
  • Speak to a financial advisor - The financial issues that arise during divorce can be complex. An accountant or financial analyst can help you understand the full ramifications of your decisions, including the tax consequences of property division and the best steps to take to protect your financial health.

Contact a Schaumburg Divorce Attorney

Divorce does not have to mean financial ruin or mountains of debt. If you need help reaching a resolution to your divorce that protects your financial security, the skilled attorneys at Anderson and Associates, P.C. can work with you to negotiate a settlement that meets your needs. Contact our Arlington Heights divorce lawyers today at 847-995-9999 to set up a free consultation.

...

Schaumburg divorce attorney, divorce and finances, financial mistakes, divorce proceedings, finances during divorceWhen your marriage is ending, your life will likely be thrown into chaos as you and your spouse work to separate the many aspects of your lives which have become closely linked over the years of your partnership. During divorce, it is important to understand how your finances will be affected and plan for how you will manage your ongoing budget.

Consider the following tips to get on the right financial foot during divorce proceedings and after your divorce has been finalized:

  1. Create a budget - You should make sure you have a full understanding of your income and expenses, including any spousal maintenance or child support payments you pay or receive after the divorce. Additionally, be sure you are accounting for rent, utilities, groceries, credit card bills, vehicle maintenance costs, insurance, and child care costs. Setting everything down in a budget and planning month to month management will ensure that unexpected costs do not arise and cause problems in the future.

    ...
Chicago Bar Association DuPage Association of Woman Lawyers Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association
Back to Top