The start of 2015 can be a fresh beginning for those who have decided to get a divorce in the new year. However, the process can be challenging because of the complexities of splitting marital assets and dealing with the emotions involved in each stage of a divorce proceeding. A few tips may help people to successfully navigate the divorce process and avoid common pitfalls in Illinois.
First, it is critical for divorcing individuals to know how much they and their future exes have acquired in retirement and savings funds. It is also important to be aware of how much debt both parties have. These details may be unknown to the spouse who allowed the other party to handle the household finances. Likewise, the person who managed the money might be viewed by the future ex as having more money than he or she actually does. The more that both parties know about their finances, the more informed they can be about how to proceed with asset division.
It is also wise to financially prepare for the divorce process. Failure to save for a divorce may cause one to resort to using loans and credit cards. This will result in more debt, which can be difficult to overcome as a newly single person.
Although getting a divorce may be freeing, it can also be overwhelming for Illinois couples. If both individuals agree to work toward a settlement that benefits them both, they can avoid further court intrusion. Otherwise, the court will have to get involved and ultimately determine how their financial matters, such as the division of joint property, will be addressed.
Source: cbsnews.com, “6 money mistakes to avoid in a divorce“, Gerri Detweiler, Jan. 21, 2015