Divorce Finances- Planning for Your Future

 Posted on July 07, 2013 in Divorce

Divorce is very troublesome and exhausting for everyone involved. Not only has a relationship that was supposed to last a lifetime fallen apart, but children must adapt, and finances must be split. The couple has to split their assets and money and create new, separate, homes. Along with the emotional turmoil, there are also plenty of financial difficulties as well. To be prepared for the financial burden, follow these steps:

• Document your finances from the last five years. Include tax returns, investments, and assets like your home, vehicle and liabilities. This will be helpful to determine child and spousal support and especially if you believe that your spouse is hiding anything from you.

• Discuss division of property with a Kane County divorce attorney. Understand that some assets are valued differently than others. Assets are rarely split 50-50, but the values of what each spouse will take away in the divorce will be split equally.

• Avoid emotional decisions when planning for finances. Some couples just want the divorce process to be over as quickly as possible and may give away something that they actually want. On the other hand, some people may drag out the process because they do not want their spouse to get something just because they are angry. Avoid this as much as possible so that everything can be dealt with in an efficient manner.

• Prepare for your future financially. If you do not work because your spouse has a full time job that covers all expenses, realize that you will no longer have that income once the divorce is complete. Even if you receive spousal support it will probably not be as much as you are accustomed to having while married.

• Stick to a budget. Do not try to compensate the hardship by overspending on your children. You do not need to win your child’s devotion by buying it. Buy your children what they need and if you want to get them something extra do not do it to “beat” their other parent. Keep a budget in mind at all times.

• Re-examine your retirement plans. Without your spouse, your long term life goals may change and you may want to change your lifestyle plans as well. Before changing anything, though, determine what you can afford to do.

If you are going through a divorce, contact a family law attorney for assistance with divorce finances. Attorneys at Goostree Law Group can help you plan for your future as a newly single man or woman in Kane County, Ill. today.