Wise decisions may prevent bankruptcy following divorce

 Posted on June 02, 2016 in High Asset Divorce

Divorce is often a stressful process because of both the financial and emotional components of this type of family law proceeding. Unfortunately, the divorce process has the potential to cause a person to go bankrupt. A few tips may help people in Illinois protect themselves financially in divorce.

When people get hurt or are betrayed, they naturally become angry. Therefore, it is normal to be angry and even feel resentment during the divorce process. However, it is not wise to treat the legal process like a weapon for wielding revenge on one's future ex-spouse. Trying to get back at one's future ex through the legal process will only end up costing large sums of money as well as two or three years of one's life.

This money is better spent purchasing the marital home or saving for retirement following the divorce. Likewise, it is better to spend time with the children than to financially harm one's ex-spouse. Divorce mediation is one potentially helpful way to reach a resolution during divorce that is beneficial and thus pleasing to both parties.

Through divorce mediation, two divorcing individuals in the state of Illinois can avoid further court intrusion. However, if they cannot find common ground, a judge will have to make final decisions for them regarding matters such as property division and asset distribution. Through proper legal guidance, people can strive for an outcome that is in their personal and financial best interests during a divorce proceeding while still considering the other party's needs and wishes.

Source: The Huffington Post, "4 Things You Must Do to Protect Yourself From Going Bankrupt in a Divorce", Cheryl and Joe Dillon, May 26, 2016