RSSMarch, 2011 - Chicago Illinois Family Law Blog - Page 2 Archive
Determine Your Post-Split Expenses Before the Illinois Divorce Process Begins
This is the conclusion of our three-part series on our blog about planning for your financial future while going through the divorce process in Illinois. In part one, we talked about reviewing your credit report and its significance in a divorce. In part two, we discussed why you should tally your marital assets and have them appraised. Finally, we will cover the importance of determining what your post-divorce expenses will be prior to beginning divorce negotiations.
Calculating living expenses, including child care, that were acquired during your marriage and then projecting those costs into the future can have a huge impact regarding who gets how much in the divorce settlement and why. According to a recent article on DailyFinance.com, it is recommended that both parties involved in your divorce attempt to find a way to work together at the start of divorce negotiations to conclude what your total household expenses were during your marriage to save time, as well as money, later on. It may also be beneficial to negotiate together the expenses of many of the ongoing costs that will occur once the divorce is final. You will also need to create your own estimates on expenses and budget projects because you will need to come to the divorce negotiations with someplace to begin.
Count and Evaluate Your Assets Before Beginning the Illinois Divorce Process
This is the second part of a three-part series on our blog that talks about Illinois divorce and your financial future. In the first part, we discussed why it is essential to review your credit report, which can help you determine what financial decisions will be the best in the long run. In part two, we will discuss steps to take before dividing marital assets.
Establishing the real worth of marital assets is not as simple as most people believe. However, a recent article on DailyFinance.com recommends several steps you can take to help make the process easier.
Get Your Finances in Order Before Starting the Illinois Divorce Process
Getting a divorce can be a traumatic experience. It is an ordeal that not only takes an emotional toll on those involved, but also a financial one. Even when a non-confrontational divorce is the goal, both spouses must be sure they are doing everything possible to protect the future of their finances. Unfortunately, many people in divorce aren’t aware what financial decisions will be best long-term. Sorting out a marriage’s once-intertwined finances can be challenging. Assets are typically not split down the middle; other legal issues like taxes and retirement funds must be considered. This is the first of a three-part series on our blog discussing divorce and your financial wellbeing.
A recent DailyFinance.com article discusses important financial steps a divorcing couple must consider before beginning negotiations to understand what advantages they have. Someone considering a divorce may also want to determine whether the divorce settlement must meet any financial needs. It is important to have a clear picture of finances before starting the divorce process.
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