On behalf of Lake Toback Attorneys
When considering divorce, one of the major concerns many couples face in the current economy is the ability to financially afford it. The overall apprehension is not just about paying for divorce proceedings, but having enough money to survive on reduced income after the fact. If divorce is the overall desire of both spouses, there are steps Illinois couples can take to help ease the financial fallout, allowing both to move on with their lives.
Taking stock of the marital financial situation is the best place to start. Determining what is considered valuable property and/or assets and looking at any combined debts will give couples a good overview of where they stand financially. Canceling shared accounts and building up a personal credit history will help each spouse in their ability to obtain credit post-divorce.
Estimating living expenses after a divorce can also help in determining how assets are to be divided. If one spouse wishes to and can financially afford to keep the marital home, they may have to give up other assets of equal value to make it a fair distribution of property. On the other hand, properties can be sold and marital investment accounts can be divided equally, so both are walking away with a fair share of assets. Alimony and child support payments are other areas to be considered when figuring out post-divorce expenses.
While the thought of financially being able to afford post-divorce life may create feelings of insecurity, coming to fair terms that help to provide for the financial needs of both spouses and any children involved is a possibility. Divorce isn’t easy and couples in Illinois contemplating following through with divorce proceedings can take steps to ease the financial strain associated with it. Coming prepared to discuss all assets and being willing to negotiate will go a long way in securing financial stability moving forward.
Source: milforddailynews.com, “How To Prepare Financially For A Divorce“, Gary M. DellaPosta, May 8, 2014