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Illinois divorce lawyersFor the thousands of Americans that elect to pursue a divorce each year, separating from a former-spouse can be an incredibly positive life-changing decision. However, parties must be prepared to live independently once the divorce process is finalized. Financial independence is, arguably, one of the more difficult aspects to master, post-divorce. As such, it is critical that parties start to prepare for financial independence as soon as possible. One of the best places to start is to consult with a seasoned divorce lawyer about the health of your finances, and how the divorce could impact it, moving forward.

Steps to Securing Financial Stability

Once your divorce has been finalized, you need to act quickly to ensure long-term financial security. A quality attorney can help you develop an action plan, and begin working towards financial independence.

Develop a New Budget: After your divorce, it is important to recognize that you are no longer able to count on the income of your former spouse. The development of an independent budget can help you make decisions about what kind of housing options you can afford, what extracurricular activities your children can participate in, and whether or not you need to make various changes to your lifestyle. Budgeting for your new lifestyle can be a laborious task, but it can also save you from an unsustainable financial future.

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Family dynamics have changed significantly over the last few decades, but there are still areas where women remain at a disadvantaged. One prime example is when they embark on divorce. Thankfully, women can mitigate against their risks in divorce. The key is to know what the most common mistakes are, and how to avoid them. The following explains further and provides some details on where to find assistance.

Understanding the Potential Risks

Women have become fully integrated into the workforce, but there are still some that choose to remain home. Some do so to care for children. Others do so because they have no need to work. Still, others simply may not have the education or skills to secure gainful employment. Whatever the reason for not being employed outside the home, these women are at a serious risk for financial disadvantages after the divorce.

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Divorce is a highly complex legal process with numerous financial pitfalls. Some are minor in nature and may cost you little. Others could potentially lead to a significant depletion of your financial resources. Thankfully, there are ways you can mitigate the risks. The following information covers some of the most common financial mistakes made during divorce, and provides some tips on how you can potentially avoid them.

Failing Get All Financial Documents in Print

In today's day and age, most people use online banking, digital debt statements, and email notifications for important accounts. In fact, society has become so reliant on their digital access that few consider they might lose it while going through divorce. Unfortunately, this can and does happen far more frequently than most realize. Your spouse might change the password to your bank account, or they might lock you out of the family computer. So whatever you do, never rely on just digital copies of financial documents. Print them out instead.

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Divorce is emotionally and mentally draining, but it can also be a massive hit to your financial well-being. Sometimes, the blow can be so catastrophic that it can lead to complete poverty, either immediately after the divorce or later in life. Matters are further complicated when one or both parties make some of the most common financial missteps in divorce asset division. As such, it is important that you understand how to best handle the financial aspects of your divorce, and how you can best prepare for the aftermath.

Mistake #1: Not Investigating Money Matters

According to a 2014 National Endowment for Financial Education survey, 15 percent of consumers have a hidden bank account. Another 14 percent admitted to lying to their spouse about how much they earned. What these two statistics should tell you is that you should never assume you know everything about your marital assets, and everything should be investigated. Moreover, you should speak with an attorney and a financial advisor to help determine which assets are considered marital property and which are considered separate under Illinois state law.

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