Ensuring Financial Security in a Divorce

 Posted on April 26, 2019 in Divorce

When a couple decides that their marriage is no longer healthy, a divorce may be the best option. A divorce can provide a new start and a healthier living situation for yourself and any children involved. However, the divorce process can also be incredibly complicated, particularly when it comes to the division of marital assets such as bank accounts, retirement plans, and investments. To secure your financial security after divorce, the first and most important step you can take is to choose a divorce attorney you can believe in.

Here are three more things to keep in mind to protect your financial security in a divorce.

Avoid Excessive Spending Prior to Divorce

As a couple’s relationship comes to a close, it is entirely common to feel a wide range of emotions. In some cases, the emotions of an impending divorce can prompt reckless spending. According to Illinois state law, when a person spends marital assets for purposes independent of the marriage as the marriage is coming to an inevitable end, this is called dissipation of marital assets. Common forms of dissipation of marital assets include spending money on an affair, intentionally harming shared assets such as a car or family heirlooms, or buying expensive personal items for yourself. Before making any excessive expenditures just before or during the divorce process, speak with an attorney to make sure you understand the impact that such expenditures could have on the division of your marital property.

Organize and Understand Your Financials

To ensure that you get your fair share of marital assets, along with fair maintenance and child support payments as applicable, you and your attorney must have a clear picture of all of your marital assets plus both your and your spouse’s non-marital assets. This means collecting all of your financial documents, ranging from bank and credit card statements to retirement plan information and tax returns. You may also want to have significant marital assets such as your house professionally appraised. The better you and your attorney understand your financial situation, the stronger the position you will have in all divorce-related financial negotiations.

Lean on Trusted Experts

Feelings of isolation are common during a divorce but remember that you do not have to handle everything on your own. By relying on the services of carefully chosen professionals, you can protect your financial as well as your emotional security. A qualified divorce attorney will help you find efficient and effective solutions to all of your division of property issues and can answer many questions about the tax consequences of divorce. A certified financial planner (CFP) and/or certified public accountant (CPA) can help you develop investment and tax-wise financial strategies for the future. A mental health professional can help you deal with the stress of all the changes you are experiencing, such as separating from your spouse, selling your marital home, and relocating. Having a team of people helping you deal with the financial details and related emotions of a divorce can help you emerge from your divorce in a strong position both financially and emotionally.

Contact a Wheaton Division of Marital Property Lawyer

At the Stogsdill Law Firm, P.C., we are dedicated to serving our clients through the trials and tribulations of the divorce process. While the divorce process can be emotionally turbulent, our attorneys are ready to make sure the financial issues surrounding your divorce are resolved as smoothly as possible. If the divorce cannot be settled through cooperative divorce tactics or mediation, we are prepared to aggressively litigate on your behalf. To schedule a consultation with a skilled DuPage County divorce lawyer, call us today at 630-462-9500.

Sources:

https://www.nerdwallet.com/blog/finance/7-ways-to-prepare-your-finances-for-divorce/

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm