Will the Divorce Ruin My Financial Future?

 Posted on November 27, 2023 in Divorce

Divorce has a unique way of affecting just about every part of a person’s life. This is especially true when it comes to finances. It is quite common for those going through a divorce to have grave concerns regarding how their divorce will shape their financial future. It is natural to worry about the potential consequences and uncertainties that lie ahead with your divorce. To protect your financial well-being currently and in the future, it is highly advisable to consult with an experienced lawyer. Your lawyer will ensure that the decisions you make during your divorce will help safeguard your financial future.

Understanding Illinois Divorce Laws

Illinois is a state that follows the principles of equitable distribution when dividing marital assets. This essentially means that the court will look to fairly divide marital assets, taking into account different factors like the length of the marriage, each spouse’s contributions to the marriage, the economic circumstances of both parties and more. Familiarize yourself with these laws to better understand the potential financial outcomes of your divorce.

Hiring a Capable Attorney

Hire a qualified Illinois divorce attorney to ensure that you fully understand Illinois equitable distribution and are prepared to protect your financial best interests. These legal professionals will work on your behalf to ensure that your financial future is adequately protected. Furthermore, at the conclusion of your divorce, your attorney will assist you in gathering all the documents that you need while also helping you gather important documents, assess the value of their assets, and negotiate the fairest settlement possible.

Spousal Maintenance in Illinois

If you are ordered to pay your spouse alimony, this can have a tremendous impact on your future financial situation. While it is not guaranteed that you will need to pay alimony, this is something you should speak with your lawyer about.

Financial Planning and Budgeting

Divorce necessitates a reassessment of your financial goals and plans. Creating a post-divorce budget can go a long way in protecting your financial future once your divorce has been finalized. The guidance of your lawyer will be instrumental in this process. It may also be worth contacting a financial planner to help you make informed decisions and set realistic financial goals.

Contact a DuPage County, IL, Divorce Attorney

Divorce does not have to ruin your financial future. If you are looking to protect your financial interests, contact the skilled Wheaton, IL, divorce lawyers at The Stogsdill Law Firm, P.C.. Call 630-462-9500 for a private consultation.