One of the touchiest parts of going through a divorce in Illinois is figuring out how to split assets with one's spouse. This is because the decision made during a divorce regarding assets has a long-term impact on a person's financial situation long after the divorce has been finalized. Retirement assets, such as a 401(k) or a 403(b), can especially be challenging.
Arriving at a divorce settlement that is pleasing to both parties going through the divorce is seldom easy. This is especially true when financial issues are at the heart of the divorce. A few tips may help people in Illinois to navigate the divorce process in a way that is most beneficial to them now and in the future from a financial standpoint.
Although couples often fight over the marital home and other significant assets during an Illinois divorce proceeding, one of the greatest areas of contention is often child custody. Both parents may naturally want to keep the kids, thus leaving the children stuck in the middle of a heated child custody battle. Research, however, shows that a child is actually the healthiest mentally when the child can split his or her time between both of the divorced parents.
Divorce decisions are often the most expensive decisions people make. Just as a person may work hard over the years to build assets and achieve a healthy financial situation, it is important for an individual to tackle property and asset division during divorce strategically, thinking about the big picture. A few tips may help people in Illinois to make divorce-related decisions, while taking into consideration the financial consequences of those decisions.
A divorce can dramatically affect a person's finances both in the short term and the long term. Coupled with the emotional challenges of divorce, this type of family law proceeding can be complicated and overwhelming for individuals in Illinois. A few tips may help people going through a divorce make wise financial choices in order to protect themselves during and after a split.
When a person begins the process of divorce, it is natural for him or her to be overwhelmed by all of the details that must be handled. The person not only has to juggle the emotional side of the process but also the financial side. A few tips may help people going through divorce in Illinois to feel in control during the process.
Deciding which spouse will get the family home and other valuable assets during a divorce is not easy when two divorcing individuals cannot see eye-to-eye on the matter. Having a business asset only complicates matters in Illinois. A few tips may help business owners to safeguard their interests during a divorce proceeding.
For people in Illinois who are getting divorced, money problems likely are a huge source of conflict during the divorce proceeding. This is true whether two people are part of the working class or are billionaires. A couple of areas that can be particularly contentious during divorce are financial matters concerning the kids and the issue of retirement.
Going through a divorce can naturally present a variety of challenges, both emotional and financial. Unfortunately, when people are caught up in the emotions of the dissolution of a marriage, it can be difficult to approach a settlement from a logical standpoint. One common settlement pitfall during divorce in Illinois is deciding whether to keep the marital home.
Although the emotional aspect of divorce often receives great attention, the financial aspect is also extremely important for Illinois residents. This is particularly the case for divorcing individuals whose spouses were the chief breadwinners. A few tips can help those going through a divorce to take the steps needed to protect their financial futures.