Financial considerations in divorce can be stressful

| Apr 28, 2016 | Divorce |

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

Archives

FindLaw Network