Tag Archives: divorce finances

IL divorce lawyerDivorce is expensive. Most people entering the process understand that. However, although many people associate the cost of divorce with attorney fees, spousal maintenance, and child support, there are other costs of divorce, as well. These are often the somewhat hidden costs that people do not realize they will have to face until they have already gone through the process. Below are the six biggest hidden costs that you should prepare for if you are about to get a divorce.

Moving Costs

Both spouses do not remain in the home after a divorce and few, if any, people even want to. As such, you must consider the cost of a new home, including the expense of moving your belongings from one place to another. Moving can cost a lot, so it is important to research what rental properties cost in the area you want to move to, or the local housing market, if you want to purchase another property.

A New Home Loan

If you are remaining in the marital home but both you and your spouse are named on the mortgage, you will have to take out a new mortgage. It is important to consider how much your new mortgage payment will cost and if you can handle the other costs of homeownership, such as paying property taxes and upkeep.

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IL divorce lawyerGoing through a divorce is a very difficult and emotional process. It is hard to say good-bye to the person you thought you would spend the rest of our life with. However, along with the many emotions you will feel during this time, you will likely also have other concerns, including the cost of divorce. It is well understood that divorce is often expensive and it is not uncommon for those going through it to wonder just how much their divorce will cost. Although no one can determine how much a specific divorce may cost, there are some common factors that will always affect the cost of a divorce.

Whether the Divorce is Contested or Uncontested

The more contentious a divorce is, the more a divorce will cost. Divorces that involve spouses that cannot agree or compromise will typically go through litigation, which is a lengthy and expensive process. Not only does the length of a divorce affect the cost, but when a divorce goes to court, there are also additional fees, such as court costs. Also, during a litigated divorce the parties involved are subject to the schedule of the court, which can make the process take much longer. A divorce in which the two parties can agree to all terms will proceed much more quickly and cost much less.

When the Divorce Involves Children

Typically, divorces that involve children are typically more costly than divorces that do not. This is for many different reasons. The first is that divorces that involve children involve many more issues, such as child custody and child support. These issues will make the divorce take longer, which will make it more costly, as well. The second reason divorces that involve children cost more is because issues related to children are the most contentious of any divorce. This often means divorces involving children are contested, which makes them cost more.

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IL divorce lawyerIf you are getting a divorce, you will likely want to speak to a divorce lawyer that can help with your case. Most divorce lawyers in Illinois will offer a free consultation during which you and the attorney will discuss your case and the lawyer will provide the legal options you have to get a fair settlement.

Preparing for these consultations can be somewhat confusing, particularly if you have never been through the divorce process before. To make it easier, below is a list of things you should bring with you that will provide the attorney with more insight into your case, and help you determine if the lawyer is right for your case.

A List of Questions

You likely have a lot of questions about the divorce process. As you think of these questions, you should write them down so you do not forget to ask the lawyer about them during your meeting. You should also ask the lawyer some questions about the attorney’s caseload, their experience, and if they will be handling your case, or if a paralegal or associate will. All of these are important and will help you better understand the process and if you want to work with a certain attorney.

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IL divorce lawyerWhen going through a divorce, you hope that your spouse will be honest when presenting certain facts of their case. Unfortunately, that is not always the case. Sometimes, spouses lie about their assets and when they do, it can present many challenges and result in an unfair settlement, or worse. There are many different reasons a spouse may lie about their assets but they can all hurt you in the end. For this reason, it is crucial that you understand how to identify signs of fraud, and how to protect yourself from it.

The Different Types of Fraud in Divorce

There are many different reasons a spouse may wish to lie about their assets during divorce, and a variety of ways in which they may attempt to do it. A spouse may ask a friend or family member to temporarily take possessions such as cash or stock options to prevent these assets from being divided in property division hearings.

Or, a spouse may try to hide income so they do not have to pay as much in spousal maintenance or child support payments. When they do this, they will often misreport their income on tax returns. Although this could result in criminal charges for them, it could also mean financial consequences for you. If you had filed a joint tax return with your spouse, you could face the same consequences yourself, which is extremely serious.

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IL divorce lawyerThere was a time when people would not even think of getting a divorce after many years of marriage, even if they were unhappy. Historically, the majority of people simply did not see the point of getting divorced after a long marriage and were content enough to just wait it out. That is no longer the case today. Now, people are more willing to get divorced if they are unhappy, no matter how long they have been married. When they do, there are certain things to take into consideration that may not necessarily be a factor in a divorce after a shorter marriage.

Maintenance

In some divorce cases, judges will award maintenance, also known as alimony. Maintenance is more likely to be awarded after a lengthy marriage, particularly if one spouse remained at home for a long time to care for children. When this is the case, the spouse that remained at home is likely to be in a worse financial position, and may not have the skills necessary to return to the workforce right away. In these instances, a judge will most likely award that spouse maintenance, at least for a period of time.

Financial Challenges

In addition to one spouse being more susceptible to financial hardship after a divorce, there are other challenging financial aspects associated with divorce after a lengthy marriage. Property division issues are complicated in any divorce, but this is especially true when the marriage was a long one. A couple that has been married for a long time may have their finances spread around in retirement plans, stock options, Social Security benefits, joint bank accounts, and more. All of these assets must be divided, and that can be difficult.

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