Divorce can be a financially devastating process, especially if you are not adequately prepared. Thankfully, there are ways to protect your financial interests, even in the messiest divorce. Learn more by checking out these five financial tips for surviving your Illinois divorce.
1. Start Saving and Financially Preparing Before You File
One of the biggest mistakes that parties can make in their divorce is failing to financially prepare for it. Most consider the cost of the proceedings, and many recognize that they will have to divide their assets. However, few recognize just how long it can take to financially recover from their divorce. Some may even be obligated to pay child support or spousal support; not preparing for this ahead of time can have serious, long-lasting consequences for the payor.
2. Eliminate as Much Debt as Possible
Assets are not the only thing that gets divided in divorce; parties must also divide their debt. Those with limited incomes or who assume the bulk of the debt may find it difficult to maintain their lifestyle. Furthermore, if your spouse fails to cover a joint debt, you may be held responsible for the balance – perhaps to the tune of wage garnishments. Avoid such issues entirely by eliminating as much debt as possible before you file.
3. Take Care of Your Credit
Although divorce may not directly impact your credit, it can take a hit – especially if there are joint debts. Some spouses will also try to get even by taking out loans and lines of credit against their spouse’s social security number. Reduce your risk of such issues and monitor your credit carefully during the divorce process.
4. Consider Your Asset Aspirations Carefully
Parties sometimes become emotionally tied to certain assets, such as the family home. Unfortunately, this attachment can get in the way when it comes to making financial decisions about your future. As an example, consider the spouse who wants to keep the family home but may be incapable of handling the attached expenses. Before you ask for anything in your divorce, carefully consider whether the item will hurt or help you in the long run.
5. Hire a Team of Seasoned Professionals
Divorce is a highly complex legal process, and there are many financial pitfalls. Reduce your risk of experiencing adverse situations by hiring a team of seasoned professionals. At the very least, hire a lawyer to assist you with the legal aspects of your case. Also, consider contacting a financial advisor to help you with financial matters. A therapist can help you with the emotional aspects of your case.
Contact Our Skilled Illinois Divorce Lawyers
At Davi Law Group, LLC, your future and financial interests are the top priority. Get seasoned assistance from our Wheaton divorce lawyers. Call 630-580-6373 and schedule a one-on-one consultation with our offices today.