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Focus on finances important in the midst of a divorce

| May 20, 2016 | High Asset Divorce |

When people get divorced in Illinois, one of their concerns naturally may be how they will be able to stay ahead financially. After all, in addition to causing emotional grief, a divorce can easily cause financial problems. A few tips may help people to take care of themselves financially following divorce.

First, if one is not working in a particularly lucrative field, it may be necessary to transfer one’s stills to a position in a more lucrative and in-demand industry. This is a major part of making a financial transformation. Another step in the transformation process is to adjust how one spends and saves money.

Sometimes downsizing is one of the wisest things a person can do after getting divorced, as this can put a person in a more comfortable financial situation. In addition, it is important to attack any outstanding debt and say no to purchasing unnecessary items. The more frugal one can be, the more easily one can bounce back from the financial difficulties that often arise from divorce.

Because the divorce process is so complicated, it is helpful to seek proper legal guidance before making major financial decisions as part of a divorce. This includes making decisions about the division of property and debts, for example. If two divorcing individuals in the state of Illinois can reach a mutually beneficial settlement, they can achieve their goals without further court intrusion. Otherwise, they will have to rely on a judge to make these critical decisions for them, and the outcomes may not necessarily be favorable for one or both parties.

Source: refinery29.com, “What My Divorce At 35 Taught Me About Money“, Catherine New, May 13, 2016

View the profile of Illinois Family Law Attorney Alex Fawell
DCBA | DuPAGE County Bar Association Member
Lead Counsel Rated Attorney