While deciding to get a divorce can be extremely difficult for most parents, that decision might just be the tip of the iceberg. The parents will need to go through divorce proceedings, reach a settlement, and then abide by that settlement as they move on from their divorce to the next stage of life: continuing to raise their children while they are no longer together. This can mean going from a two-income household to a single-income household, and the financial implications can be far-reaching. If an ex is expected to pay the other child support but fails to do so, this can further add to the financial stress. If your ex suddenly stopped making child support payments, an experienced Wheaton, IL divorce lawyer can guide you during this stressful and trying time.
Divorce and Finances
Under typical conditions, courts do not intervene in a family’s financial affairs. The parents manage their own finances as they see fit; as long as the children are fed, sheltered, dressed, and responsibly cared for, no one has the authority to tell the parents what to do with their money. Some couples have one shared bank account and share all marital income and debt. Others keep their incomes separate, and each has their own household expenses that they cover individually.