Financial considerations in divorce can be stressful

While it is only natural for emotions to be overwhelming for anyone ending a marriage, special attention must be paid to the financial decisions made during this time. The impact of doubling the basic household expenses — such as utilities, groceries and other ongoing expenses — can be significant. Whether in Illinois or elsewhere, careful planning is required to be prepared for these often unanticipated obligations that result from a divorce.

Fortunately, support and guidance are available, and retaining the services of an experienced divorce attorney can be of great help. In some circumstances, mediation may be the ideal option for settling all material issues. In other cases, it may be necessary to go to court. A lawyer can assist in either instance.

In the property division process, each party must carefully assess the types of assets acquired during the marriage. Settling for an asset that will be difficult to dispose of may be detrimental, and being fully informed about the taxable status of assets can be an advantage. Tax implications will also continue after the divorce. Alimony, for instance, is taxable to the recipient and deductible by the payor.

No divorce is easy to navigate, regardless of how amicable it is. Being guided and supported by an Illinois divorce attorney can ease the stress of making important but difficult decisions that will impact on a person’s post-divorce financial stability. Even in a mediated divorce, a lawyer can provide valuable input and ensure that nothing is overlooked in negotiating a fair and comprehensive divorce agreement.

Source: Time, “Keep a Divorce From Killing Your Finances” Jill Schlesinger, Accessed on April 22, 2016

Read Our

Recent Blogs

What Are Tips for Achieving a Low-Conflict Divorce?

Even if you have a contested divorce that needs to undergo the litigation process, there is still a possibility of little conflict between you…

Read More
What Expensive Personal Items Will be Divided in My Divorce?

There are a lot of assets on the line when it comes to divorce. But aside from dividing real estate, family businesses, bank accounts,…

Read More
What Are Common Gray Divorce Issues in Illinois?

If you and your spouse have decided to go your separate ways later in life and after many years of marriage, then you are…

Read More

Contact Us Today!

  • This field is for validation purposes and should be left unchanged.