How Will Divorce Affect My Assets?

 Posted on March 16, 2019 in Family Law

Divorce is often an expensive, long, drawn-out affair that takes many stressful months and east up thousands of dollars. On the other hand, your divorce could be amicable, be over in a short period of time, and cost you very little. However, you never know how your spouse will react to your demands, what problems may arise, and whether or not things will take a turn for the worse. As such, it is important to not only seek out legal counsel from the beginning, but to create a plan to ensure that you have enough money to get through the divorce, potentially with independence from your spouse.

Living Arrangements

Some spouses can make it under the same roof for many months during their divorce, and some even choose to live with one another after the divorce has been finalized. For those who do not have close friends or family members to stay with and are stretched tight for cash, living with your soon to be ex-spouse may be the only option available. For those who do have the means or opportunity to live apart, separating may be the best choice during divorce. This means deciding who stays in the current home and who rents an apartment or house for the next number of months. The additional cost of renting another place may be taken into account during divorce.

Deciding with Whom Your Children Will Live

If you have children, child custody and the parenting plan may be the most hotly contested part of the divorce. However, even before the divorce is finalized, parents must either agree on a living situation, or they can take the matter to court. Under 750 ILCS 5/603.5, the court can create a temporary parenting plan before the divorce is finalized, making a decision based on what is in the child’s best interest.

Setting Money Aside

With a new living arrangement, attorney fees, added transportation costs picking up your children or dropping them off at the other spouse’s residence, potentially no income for spouses without jobs, and other expenses, it is important to have access to enough money throughout the divorce. If at all possible, set aside at least one month’s living costs in a bank account that only you have access to. Additionally, it may be a good idea to apply for a new credit card under your name alone. If you are unemployed, you may be able to receive temporary alimony to hold you over for the meantime while divorce proceedings are underway.

Creating a Budget to Live On

Do you know how much the next few months will cost you, and how much money you have to live on until the divorce is finalized? Chances are that most people underestimate these living expenses and other costs. After all, the average cost of an apartment in Hinsdale is over $1,400 per month. Creating a budget to live on is a good way to stay out of debt during divorce.

A DuPage County Divorce Attorney Can Help You Today

An attorney will be able to help you avoid potential problems, will ensure that asset distribution is fair, and will fight for the best custody, child support, and alimony agreement in your favor. Call 630-920-8855 to schedule a free consultation with one of the dedicated Hinsdale divorce attorneys at the Law Office of Martoccio & Martoccio today.

Sources:

https://www.rentcafe.com/average-rent-market-trends/us/il/hinsdale/

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=8300000&SeqEnd=10000000