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1776 S. Naperville Road, Building B, Suite 202,
Wheaton, IL 60189
The Stogsdill Law Firm, P.C.
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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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