Tag Archives: divorce finances

Il family lawyerDivorce 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.

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IL divorce lawyerIf you are considering divorce, there are a few things you must consider completing before heading to court to file. Performing these tasks before initiating allows you to be better prepared and more confident throughout the process. Not only that, but your advanced preparation will shorten the overall divorce proceedings, lessening stress for you and your family. Consider these behaviors:

Be Sure You Want Divorce

It is ill-advised to send divorce papers if you do not know for sure you want a divorce. Once you address those documents, it becomes difficult to reconcile a relationship after, even if you change your mind. Be sure to exhaust every other avenue before taking that leap.

Decide Your Parenting Time Goals

Except under extreme situations, you and your spouse are likely to split custody. Sit down and review work schedule, school schedule, and other obligations and create an arrangement that you would like. If you build one that also allows for time for your ex to spend with the children, they are more likely to agree to the terms.

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Il divorce lawyerDivorce is a messy business, no matter the situation and specific details. Although avenues are available that make the process more amicable, it is no easy feat separating a marital union into two separate lives. Some cases have fewer factors for consideration, such as those with a short duration, no kids, and a little marital property. Once you begin piling on the elements and building a life together, the process becomes complicated. Every divorcing couple has a lot to lose, but high asset divorce accompanies other uncommon difficulties. Although the divorce process is the same, regardless of your net worth. However, when there are more properties, businesses, and other complexities, the chance for mistakes increases. These are the most costly mistakes you will want to avoid in your high asset divorce.

Acting Too Quickly

No one wants to linger in the divorce process longer than necessary, but it is often not beneficial to your case to speed through the process without careful consideration. Regardless of the emotional concerns, divorce is a legally binding contract that has a dramatic impact on your financial status. Your long-term financial stability depends on the agreement. Do not haphazardly agree to terms to rid yourself of the discomfort of the situation.

Hiding Assets

It is not uncommon that one spouse does not want to share with their ex. Although you may feel owed or otherwise entitled, you are under legal obligation to disclose all assets during the divorce process. That includes avoiding the temptation of transferring money to other accounts or third-parties for safe-keeping. It is very rare that a spouse succeeds in an attempt to conceal funds. You will be discovered, and it will put you at a disadvantage throughout the remainder of the proceedings.

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IL divorce lawyerApproximately 169 million Americans pay Social Security taxes and 61 million collect benefits to support themselves and their families. If you are going through a divorce, you may be concerned about your financial future and wondering what will happen to your Social Security benefits. Keep reading to find out.

Can Ex-Spouses Receive Social Security?

Contrary to popular belief, your ex-spouse does have the right to receive Social Security benefits as long as the following requirements are met:

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Illinois divorce attorneyDuring a divorce, you will likely experience feelings of sadness, loss, and failure. In addition, you may be left with financial struggles because of legal fees, child support, alimony, and asset division. Since a divorce can negatively impact your credit score, it is important to understand how so that you can minimize the damage. Here are several ways divorce can affect your credit.

Your Ex-Spouse Has Access to Your Accounts

If your divorce ended on bad terms and your ex is angry, they may rack up debt on any joint credit cards and drain your bank accounts, leaving you out of money and responsible for any incurred debt. To prevent this issue, you should change all of your banking passwords and remove your ex from all of your financial accounts.

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