The financial side of the divorce process can often be daunting for spouses. A person’s financial status after a divorce is typically much different than their financial status during the marriage. Mostly this is because shared property is divided between divorcing spouses, but there are also many legal fees and other expenses that a divorcing couple has to worry about. In Illinois, the average cost of divorce is around $15,000. If you’re looking to file for divorce in this state, you might be worried about how you can save money during this process. No need to worry because our compassionate law firm is here to help! Continue reading this blog to find out how a Morton Divorce Lawyer can provide excellent legal counseling today.
HOW CAN I SAVE MONEY DURING A DIVORCE IN ILLINOIS?
If you want to make smart financial decisions during your divorce process, you’ll want to ensure you have an accurate picture of your and your spouse’s finances. One of the most important steps is asking for full financial disclosure. This will show all assets, debts, income, property, and inheritances that you or your spouse have, both individually and shared. Keeping your finances organized can make it much simpler to decide how assets will be divided between the spouses in the settlement agreement.
While there are various financial decisions that must be made, including child support and alimony, an essential consideration is what happens to the family home. While many spouses might want to keep their home for sentimental reasons, they might not be able to keep up with rent/mortgage payments and maintenance. This is why it’s often a better idea for spouses to sell their marital property.
SHOULD I HIRE A DIVORCE LAWYER?
Hiring a lawyer can be expensive at times, but it’s often a good idea for divorcing spouses to hire an attorney. In most cases, spouses will each hire their own legal representation. Illinois divorce lawyers cost around $260 an hour, so the amount you pay depends on the circumstances of your divorce. You can expect to pay more if you’re filing for a contested divorce, a high-net-worth divorce, or a divorce involving children. These types of divorces often take longer to settle because they are more complicated and have more considerations that need to be made.
While hiring a divorce lawyer can be costly, the decision may save you lots of money in the long run. This is because a knowledgeable lawyer can help you determine the best route to success for your divorce. Your lawyer can ensure you will maintain a decent individual financial status once the divorce is finalized. This might include opening accounts in your name only or obtaining payments from your ex-spouse’s retirement plan.
Are you considering filing for divorce in Illinois? Are you seeking a highly experienced divorce lawyer who has your best interests in mind? Look no further because Butler, Giraudo & Meister, PC is on your side! Contact our effective team today for an initial consultation.
