Financial Planning for a Divorce

divorce and finances, DuPage County divorce lawyer, financial planning, divorce proceedings, divorce expensesBecause many divorces end up in court and involve lawyers, it is commonly looked upon as a legal matter. However, the financial impact of a divorce has the influence to alter a person’s life in a number of ways.  It is critical that those entering into a divorce have a firm grasp on their current financial situations, and initiate financial planning for their future, as well as that of their children, if necessary.

Get the Planning Started

Take steps early in the process so you are prepared when divorce proceedings get underway.

  • Gather and copy all financial documents. Keep a record of shared accounts, expenses, income, savings, checking and investment accounts, bills, and other financial matters. Maintain a detailed and organized file of statements to which can be referred easily.

  • Make sure you understand everything. If necessary, meet with a financial analyst who specializes in divorce cases and can explain the impact of your financial situation.

  • Use the financial information to prepare for settlement negotiations. Your attorney can use all this financial information to establish a basis for matters such as alimony, asset division, and child support.

Account for New Expenses

When you were part of a couple it is likely there were certain aspects of the marriage’s financial picture in which you were not involved. It is not uncommon for spouses to divide responsibilities. However, after  a divorce you become responsible for every part of our life. Consider a few common, but often overlooked, expenses for which you must prepare.

  • Health Insurance: If previously covered on your spouse’s work plan you will need to find your own health coverage.

  • Property Insurance: Renters insurance for an apartment or a new homeowner’s policy with adjusted coverages and premiums to account for the change in occupancy.

  • Life Insurance: Do not overlook this detail, and learn your options regarding policies taken during the marriage.

  • Taxes: If your spouse handled annual payments it is time you learned the steps to file. A tax professional can help.

  • Family Expenses: It is easy to forget about day-to-day costs for things like gasoline, groceries, cell phone plans, and other details. Make a list of these and other expenses that occur each month, and work on creating a budget.

The unknown is often unnerving, but a little preparation can go a long way in helping you create a workable post-divorce financial plan.

Obtain Representation from an Experienced Aurora Divorce Attorney

Even if your divorce is amicable, it is a good idea to seek the help of a knowledgeable DuPage County divorce lawyer to ensure matters are settled properly and according to Illinois divorce laws. Even inadvertent errors can result in costly and time-consuming delays. The Law Offices of Matthew M. William, P.C. will provide thorough research and representation to deliver a divorce decree that meets your needs and expectations.

Source:

https://www.entrepreneur.com/article/247785

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