630-462-9500

After Hour New Client Telephone Number 630-690-6077

1776 S. Naperville Road, Building B, Suite 202,
Wheaton, IL 60189
The Stogsdill Law Firm, P.C.
Subscribe to this list via RSS Blog posts tagged in financial planning

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.

...

Divorce is more than just severing marital ties; it is also a new start. For some, that new start could be exactly what is needed to advance a career or grow a business. However, one should be aware that there are many financial risks tied to divorce. As such, it is crucial to start building a post-divorce financial plan as soon as reasonably possible. The following information can help you get started. It also provides you with insight into the divorce process and its potential pitfalls.

Examine Your Finances and Expenses

In marriage, you and your spouse likely shared income and expenses. Post-divorce, the income you earn will be yours, but so will your expenses. As such, it is crucial that you know what money you have coming in and what you are paying out. Perhaps even more important is knowing where that money is going; knowing this can help you shave off the excess. For example, if you are the one that pays the cable bill, but you rarely watch television, you can remove it from your planned monthly expenditures.

...
Dupage county bar association Illinois state bar association American Bar Association Rotary Martindale Hubbell Top 40 Under 40 Best 10 Best 10 DuPage County Bar Association State Badge State Badge Avvo

Contact Us To Schedule A Consultation With An Attorney At Our Firm

Call 630-462-9500 or provide your contact information below and we will get in touch with you:

NOTE: Fields with a * indicate a required field.
*
*
*
Back to Top