Beware of These Financial Concerns in Your Illinois Divorce

 Posted on February 03, 2021 in Divorce and Finances

A divorce can be a stressful and contentious matter, and not just because of the impending end of the relationship. Financial matters are also particularly important in divorce, and they can have a lasting effect on each party’s quality of life. If you are planning on filing for divorce or have recently been served, beware of these money issues in your case and learn how an experienced divorce lawyer may be able to help protect your interests and financial future.

Housing and Living Expenses

When couples split, one typically leaves the family home. The other might stay, or the couple might agree to sell the home and have both parties vacate the premises. Regardless of the living arrangements that you agree to, you should prepare for a possible increase in living expenses. You should also consider how a decrease in income—a common by-product of divorce—will affect your financial situation. As an example, you might consider downsizing before the proceedings begin if maintaining the family home is not a viable option.

Challenges for Disadvantaged Spouses

In a marriage, one spouse might handle all of the couple’s finances, bills, and expenses. In some cases, this same spouse is also the sole income earner. When these two realities are combined, it can create a serious disadvantage for the non-earning spouse. While maintenance and child support may be available, including while the divorce proceedings are pending, disadvantaged spouses often lack the knowledge or resources to pursue such provisions on their own. If you are in such a position, an experienced attorney can help, even if you do not have funds of your own. Do not forgo talking to a lawyer just because you lack available cash. Instead, find out what options may be available to you.

Debt and Spending

In addition to changes in income and expenses, there are several other money issues to consider in divorce as well. For example, you might be tempted to use credit to pay for your expenses until the divorce ends, but this can lead to debt that may become unmanageable. Another matter to consider is how your money is spent. While there may be things that you need to survive, unnecessary spending is discouraged until your finances stabilize after the end of the divorce.

Contact Our Kane County Divorce Lawyers

With many decades of combined experience, the team at Goostree Law Group has the knowledge and skills necessary to handle your divorce case. We will examine your situation, explain your options, and represent your best interests throughout the entire process. Schedule a free initial consultation with one of our St. Charles family law attorneys to learn more about how we can assist you. Call 630-584-4800 for an appointment today.

Sources:

https://www.thebalance.com/a-guide-to-the-most-common-financial-issues-of-divorce-1289262

http://gulfnews.com/business/money/money-matters-during-separation-1.2072755