There are several steps divorcing spouses can take as they end their marriage to protect their financial best interests.
When couples in Illinois divorce, they often have concerns about how their property will be divided and how much time they will have to spend with their children once a custody arrangement is ordered. However, one of the main difficult issues divorcing spouses often worry about is how their short and long-term financial stability will be affected.
Tips for the process
There are several things CBS News suggests that spouses do as they get a divorce to protect their finances. These include the following:
- Stay healthy – divorce can be an emotionally and physically exhausting process. Those in the midst of ending their marriage should try to get enough sleep, eat healthfully, exercise and avoid excessive drinking.
- Examine all possible outcomes – because the divorce process can be extremely emotional, spouses may have a hard time analyzing the effects of accepting a settlement. Those going through a divorce should carefully examine how various settlement options could affect their financial future.
- Don’t hastily accept a settlement – spouses may be tempted to accept a settlement that they know is not entirely fair just to put the divorce process behind them. Instead of doing this, spouses should not make financial decisions hastily and should thoroughly consider their options before committing to an agreement.
During the divorce process, spouses may feel overwhelmed by the financial difficulties they face. When this occurs, those going through a divorce should remember that the pain they feel is temporary, but that the financial decisions they make now can have a lasting impact on their situation.
Mistakes to avoid
While there are many steps spouses should take during the divorce process, there are also several mistakes divorcees should avoid making to protect their finances. For example, according to CBS News, those embarking on the divorce process should avoid not familiarizing themselves with the details of their finances. Spouses getting a divorce should educate themselves regarding their assets, debts and the state of any retirement accounts before proceedings begin.
Additionally, divorcing spouses should avoid letting their emotions control their decisions during proceedings and refrain from using their children as a bargaining tool. They should also refrain from only using financial accounts shared with their former partner and set up their own bank and credit card accounts in their name soon after the decision to divorce is made.
Turn to an attorney
Spouses in Illinois who decide to end their marriage may worry about how mistakes like these could affect them at the conclusion of the divorce process. If you and your spouse have decided to dissolve your marriage, reach out to an attorney to find out how you can protect your best financial interests.
Keywords: divorce, assets, property