A divorce can be emotionally draining. It can also significantly impact personal finances. This is true no matter what a person's net worth may have been before the proceedings started. A couple of tips may help individuals to take care of themselves financially during and after an Illinois divorce.
First, it is essential for a person to re-title his or her assets following divorce. If two people owned assets jointly and one person retains some of these assets, they need to be re-titled in that person's name or in the name of the person's new living trust if he or she decides to establish one. This is especially critical for large assets, such as the family home.
Next, becoming familiar with investing may be appropriate. This is especially essential for people whose ex-spouses were the ones who used to handle the investing. It is smart to make a detailed analyses of all investments to assess their short and long-term benefits. Enlisting the help of a financial advisor to accomplish this may be helpful.
Going through an Illinois divorce is a major life event, but the outcome does not have to be detrimental emotionally and financially. If two people can see eye to eye on matters such as asset division, opting to negotiate directly or enlisting the help of a mediator may be a good choice. This ultimately allows them to avoid litigation and thus feel more in control of the divorce process. Both parties have the right to seek their individual best interests in order to achieve an equitable and comprehensive settlement.
Source: The Huffington Post, "7 Financial Management Tips For Anyone Who Just Went Through A Divorce", Toby Nwazor, June 13, 2016