Butler Giraudo & Meister
Peoria 309-407-3332
Morton 309-263-1204

Shared financial management may pay off during a divorce

For many Illinois residents, one of the most challenging aspects of divorce relates to finances. This may be especially true for individuals who did not pay attention to or manage household spending during the marriage. Allowing both spouses to share money management tasks and responsibilities may reduce stress and conflict during a divorce.

Financial planning is essential after a divorce, states an Entrepreneur article. Recently divorced individuals may need to take stock of their income and account for alimony or child support payments. Having detailed financial information may make it easier for an individual to decide whether to keep or sell the house. A person may even choose to pursue different career opportunities based on post-divorce finances. Gathering financial information and understanding it may be extremely difficult for a person who spent the marriage relying on his or her spouse to handle the finances. It may be helpful for both people in the marriage to make spending and budgeting decisions together, whether they get a joint bank account or commit to using budgeting software cooperatively.

While creating a joint bank account was standard practice for married couples decades ago, The Atlantic reports that millennials are frequently choosing to keep their financial assets separate. While a single-income household may have been the standard for much of the 20 century, it is more common for both spouses in younger generations to have full-time jobs. Additionally, millennials wait longer to marry, so they may be less interested in changing financial habits they developed while single.

For some people, merging bank accounts may lead to conflict over purchases and financial priorities. While maintaining separate finances may require additional communication and cooperation in terms of paying bills and filing taxes, it may also give each spouse more financial independence if the relationship ends.

No Comments

Leave a comment
Comment Information
  • I cannot even express in words the level of gratitude that I feel. ‘Thank you’ doesn't seem to be enough. Please know that your services and compassion will never be forgotten! I am forever grateful!

  • Thank you so much for your hard work and expertise. I feel as a father in the state of Illinois that what I am trying to achieve is nearly impossible. I am so glad I chose to have your office full of extremely intelligent women represent me.

  • We would like to say thank you for your expertise, education, and kindness when we met with you! Your confidence has helped to comfort us and give us hope that resolution of the issue is possible.

  • I just wanted to say thank you from the bottom of my heart for all your time, energy, and efforts you put into our case. Thank you for helping make our son's quality of life better. I cannot tell you how happy we are!

More Testimonials
Contact Us Today

Contact Our Lawyers About All Areas Of Family Law

We are driven and committed to a successful outcome for all of our clients. To arrange a consultation with attorney Susan Butler, Kelly Giraudo or Tamara Meister, call 309-263-1204 (Morton) or 309-407-3332 (Peoria). You can also contact our law firm by filling out the form below. With offices in both Peoria and Morton, we work hard for our clients while getting to know them as people.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Morton Office
100 S. Main Street
Morton, IL 61550

Toll Free: 888-314-9667
Phone: 309-263-1204
Morton Law Office Map

Peoria Office
110 SW Jefferson Street
Suite 410
Peoria, IL 61602

Toll Free: 888-314-9667
Phone: 309-407-3332
Peoria Law Office Map

Morton Office Peoria Office