Ending a marriage is rarely an inexpensive process. According to Forbes.com, the average cost of a divorce nationwide ranges from $15,000 to $30,000. When Illinois couples choose to split, a divorce lawyer in Chicago knows that understanding the financial concerns that commonly come up may be able to help reduce the financial burden.
Ending a marriage is rarely an inexpensive process. According to Forbes.com, the average cost of a divorce nationwide ranges from $15,000 to $30,000. When Illinois couples choose to split, a divorce lawyer in Chicago knows that understanding the financial concerns that commonly come up may be able to help reduce the financial burden.
There are certain aspects of divorce that are required by state law, such as property division, that almost always lead to changes in a divorcing spouse’s financial situation. While it is not always possible to prevent all monetary loss, there are a few things that divorcees can do throughout the process to get through a divorce without having to completely start over from scratch.
- Maintain accurate financial records
It is essential that both spouses have an understanding of how much they are worth as a couple. Complete and thorough financial records can give each party the information needed to document total net worth. Having copies of tax returns, bank statements and other investments on hand can ensure that property division is completed as fairly and accurately as possible.
Without the proper records, one spouse could get away with hiding assets. Dishonesty can be an unfortunate part of going through a divorce, but if asset hiding is suspected, it may be easier to discover with quality record-keeping.
- Remove emotions from monetary decisions
Divorce is often a stressful and highly emotional time, which may lead to rash decisions that end up creating problems in the future. For those going through a split, a divorce lawyer in Chicago knows that it is best to take emotion out of any big decision when possible. Remembering that the actual process of getting a divorce is only short term and that the outcomes are long term may be able to help spouses consider logic rather than emotions when making choices regarding finances and property division.
- Re-evaluate future plans
Few people enter into marriage considering what would happen should they divorce. Most couples make future financial plans together, often including retirement plans and investments as the methods for saving to later years. When a couple divorces, they may need to re-evaluate the plans made together to take into account each party’s ability to save assets for future needs separately.
Surviving a divorce can seem nearly impossible in the midst of the process, but many couples are able to think ahead by working with a divorce lawyer in Chicago and preparing for the financial changes to come.
