In addition to facing the emotional hang-ups associated with divorce in Illinois, people going through the process must also deal with the financial challenges that come along with it. Addressing financial matters is especially stressful for divorcing individuals who have children because the children depend on their parents for support, and the divorcing couple is likely dealing with child custody matters at the same time. However, a few tips may help people plan their finances in a manner that will benefit both them and their children long after the divorce has been finalized.
First, it is important to prepare for the worst financially. This is particularly true for those whose divorce processes have not been amicable. A soon-to-be-ex may not be generous and compassionate if the other hits hard financial times, even if the other ends up having primary custody of the kids. In addition, a person getting divorced would benefit from educating himself or herself on principles related to retirement plans, taxes, insurance and house mortgages.
It is also expedient to remember that a house is just a house. It is unnecessary to bankrupt oneself in an effort to keep the marital home. Taking on a major financial burden will only cause financial problems as well as emotional distress for both oneself and one’s kids over time.
Divorce in Illinois can understandably be an overwhelming process, particularly when it involves both asset/property division and child custody. However, getting through it may be easier if two parents are able to work together at the negotiating table. Through negotiation, they may be able to find common ground in the area of asset division as well as come up with a parenting plan that works best for each of them while, most importantly, being in the best interests of their child or children.
Source: blogher.com, “9 Unique Divorce Survival Tips for Moms”, Jan. 26, 2016