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divorce financial matters - Chicago Illinois Family Law Blog

Get Your Finances in Order Before Starting the Illinois Divorce Process

By Nottage and Ward on March 1, 2011

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 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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