divorce financial issues - Chicago Illinois Family Law Blog

Determine Your Post-Split Expenses Before the Illinois Divorce Process Begins

By Nottage and Ward on March 3, 2011

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.

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