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Finances are a major consideration in divorce

On Behalf of | Jul 25, 2019 | Divorce |

If a marriage begins to experience some rough times, spouses may decide that divorce is the best path to take. It may seem obvious to then begin the dissolution process at this point. However, matters are not always that simple under Illinois laws concerning the rights and responsibilities of the parties in a divorce.

The matter of property division is typically among the most complicated and contentious issues for separating spouses. Unfortunately, many people simply feel they cannot afford to get a divorce. Financial divorce analysts often point to three specific economic factors to understand before initiating divorce proceedings: income/debt, current monthly expenses and future monthly expenses.

A spouse should be aware of their soon-to-be ex-partner’s yearly income. This could include future trust inheritances as well as wage earnings. The family’s most recent tax return can give a pretty good idea of each spouse’s income. Since this information will play a role in the eventual settlement, accuracy is vital.

As two households will now be established where only one existed previously, the new living arrangements will also become of major importance. If one spouse is awarded the family home in the final order, the other will probably get different assets of similar value. However, the question remains whether the one ex can afford the home on their own. Retirement accounts, investments, existing debt and child custody arrangements are among the other relevant matters to consider when moving forward.

As these and other important legal matters are discussed and decided as the divorce becomes a reality, the emotional toll on the participants cannot be underestimated. A family law attorney can provide guidance and counsel as a spouse navigates these difficult times.