Preparing finances before divorce can help focus, relieve stress

On behalf of Lake Toback Attorneys

A little preparation goes a long way, especially when it comes to the end of a marriage. When divorce proceedings are on the horizon, spouses in Illinois can relieve some of the stress by being organized and prepared.

Experts recommend going into a divorce with all of the necessary information. This can help in a few ways. First, it can help a spouse determine what the post-divorce financial situation will look like for them. This can give a realistic range of numbers to use during the negotiation process when coming to a fair settlement agreement. Second, focusing on these objective numbers and tasks can have emotional benefits as well. It can help to take one’s mind off of the stress and hurt often felt during the divorce process.

When preparing for the divorce, four major numbers must be calculated. First, the amount of assets that the couple and the individual spouses own should be determined. Second is the number of liabilities or debts in play, which can offset the assets. This information is most important when there is an asset that is not completely paid off. The debt associated with it will then be the responsibility of the one who gets ownership of the asset. Both of these numbers come into play during the property division phase of negotiation.

The third and fourth numbers are the person’s income and expenses. These are most important in determining how much child support and alimony should be paid after the divorce. Passing these numbers off to an attorney who may be handling the various divorce legal issues should help to create a comprehensive plan for negotiation. The preparation and knowledge may also give the spouse some feeling of control over their future.

Source: CNBC, “Getting divorced? Get organized first“, Valerie Adelman, March 09, 2014

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Preparing finances before divorce can help focus, relieve stress