Going through the divorce process in Illinois can take its toll, both emotionally and financially. Every divorce proceeding is different, as couples have varying financial situations and may require unique custodial arrangements for their children. However, a couple of tips may help navigate the process in a financially beneficial manner.
One party may be tempted to move out of the marital home immediately. However, it really may be more beneficial to stay put. Otherwise, the spouse might claim that he or she has abandoned the family.
It is also wise not to become too attached to the marital home. People often give up valuable assets just so that they can stay in the marital house. In reality, it may make good sense to sell the home, especially if it may be too costly for one party to maintain long-term.
It is also important to consider the tax implications of every financial decision made during the divorce proceeding. Besides the marital home, a person’s retirement fund might be his or her most valuable asset. However, cashing it out and dividing the proceeds may come with a penalty.
Sometimes marriages in Illinois do not work out and divorce is inevitable. However, an applied understanding of the law may help individuals in making expedient decisions that protect financial interests as well as help them to consider the best interests of any children involved. This is true whether a settlement is achieved through direct negotiation or mediation or if a judge will be called upon to make the decisions.
Source: usnews.com, “10 Ways to Prevent a Divorce From Ruining Your Finances“, Maryalene Laponsie, Sept. 29, 2016