Getting a divorce can be among the most stressful events in a person’s life. It is taxing emotionally, financially and mentally, but people in Illinois and elsewhere who are considering ending their marriages can make the process more financially manageable by paying attention to a few specific areas. Individuals who keep track of costs during divorce, create a post-divorce budget and divide assets fairly have a better chance of avoiding financial strain.
Keeping track of divorce expenses means going into the process with an idea of what it will cost. Like any major life event, divorce necessitates a budget. People who plan for the cost of divorce are likely to save money and feel less anxiety. It’s a good idea to review invoices from divorce attorneys and other professionals to make sure the costs are fair and align with what was predicted.
It costs more to live as a single person than it does as part of a couple. Creating a budget for use after the divorce can lessen financial stress. In creating such a budget, people should consider the cost of things like automobiles, housing, groceries, gas and health insurance.
In many cases, the post-divorce finances of the parties will be heavily influenced by the specifics of property division. The tax consequences of owning each major asset should be considered along with its liquidity. Some assets can be converted readily into cash while others can be more difficult to sell.
People who are considering or currently going through a divorce may benefit from meeting with a lawyer who handles divorce cases. He or she might categorize the assets of the parties and negotiate the terms of property division. An attorney might create and file the divorce petition or advocate for clients during child custody hearings.