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Naperville divorce attorney financesIt is a sad statistic, but over 50% of marriages will end in divorce. Ending your marriage is not something that you decide to do spontaneously, but a decision that is weighed heavily before you act upon it. If you are planning on a divorce, it is important to think ahead and prepare for what you want your life to look like after the divorce has been finalized. This will help you avoid making irrational decisions and make sure that you come out of the situation with a plan for success. You will want to be sure to consider the following areas:

Finances

It is important to have a firm understanding of your financial situation before you file for divorce. This is necessary so that you know how much you will need in order to live independently. If you are seeking spousal maintenance (alimony) or expect to receive child support, you should consider how these payments will factor into your overall financial situation, but it is best to plan conservatively and limit your expenses as much as possible. Even if your divorce is mutual, both you and your former spouse will each be trying to gain as much financial advantage as possible, so you will want to be prepared for multiple possible outcomes.

Job Security

Regardless of how much alimony or child support you may receive, it is important to develop your own financial independence. If it seems that you might struggle to make ends meet on a single income, consider going back to school or enrolling in a work-training program to further your job qualifications. If you start your training or school before beginning the divorce process, the money spent to further these goals may be considered marital expenses rather than separate expenses.

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The financial implications of divorce are well-known and, for some, highly feared. In fact, studies indicate that it takes an average of five years to financially recover. Still, it is not just a couple's immediate funds that are affected; retirement accounts, which are often considered a part of the marital estate in divorce, may also be affected. Learn how you can mitigate against the damage with help from the following information.

Beware of Short-Term Thinking

If you are divorcing during your working years and still have time until retirement, it may be tempting to discount the impact that divorce may have on your retirement. Unfortunately, this mindset could cause you to be caught off-guard during the negotiation process. You may even be tempted to take a settlement that is not in your best interest, perhaps for an asset that does not hold the same long-term value or benefits. An attorney can examine your situation, advise you of your options, and help you understand the possible consequences of your decisions.

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Some divorcing couples experience few obstacles, challenges, and contention and end up completing the process relatively quick. Others struggle tremendously with concerns over how their business, children, or marital estate will be divided. They endure heated arguments, asset hiding, or a depreciation of their marital assets. In these situations, and others like them, slow and steady may be the optimal pace. Learn more about divorce planning, including what it is and what you can expect from the process.

What is Divorce Planning?

Divorce planning is all about hoping for the best but planning for the worst. It helps you prepare to make difficult decisions using logic instead of emotion. You consider the challenges that you might face, and you take steps to mitigate against them before they occur. More importantly, you feel more confident as you move through the divorce process.

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The decision to divorce is rarely made in a day. In fact, it is not uncommon to spend months or years deliberating and wrestling with the possibility of ending a marriage. Unfortunately, this means that some may become impatient to move forward with their lives. As such, they may move too quickly through the divorce process, upset their spouse, and ultimately create a negative divorce experience. Thankfully, there is a better way.

Remember That You Had a Head Start

One of the most common mistakes that deciding parties make is they forget that they have already had a head start in dealing and coping with the idea of divorce. Your spouse, who may not have even been aware of your unhappiness, has not had this advantage. They may be shocked. They may get upset or angry. At the very least, they may be in an emotionally fragile state. As such, it is recommended that you carefully consider your words, your timing, and your response to the possible reactions of your spouse.

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Family structures have changed significantly over the last couple of decades. It used to be that fathers went out and provided for the family while mothers cared for the children and home. Now there are single parent homes, homes where the father stays home, and still others where both parents work. Of course, no single option is really any "better" than another, but studies suggest that these non-traditional roles may be impacting the risk of divorce. Learn more about this phenomena, and how you can protect your family if you believe that divorce may be on the horizon.

Non-Traditional Roles and Divorce

In the recent study, researchers found that women do most or all of the house work in about 11 percent of all marriages, and somewhat more than men in about 60 percent of relationships. Around 25 percent of the couples stated they divided the work down the middle, and around 4 percent claimed the husbands did the majority of the work.

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