Financial tips to make divorce easier

On Behalf of | Sep 24, 2021 | High-Asset Divorce |

Divorcing your spouse in Illinois is stressful enough. One of the factors why it is so is because you know it will have financial repercussions. However, there are things you can do to keep as many assets as possible before you get the final decree.

Be realistic

It’s easy to let your emotions get the best of you in divorce proceedings. Don’t let that happen, and avoid spite. Keep in mind that everything is divisible in divorce. Just because an asset is in your name only doesn’t mean that it can’t somehow be divided.

Part of being realistic is to take some time to plan. If you have had your eye on a big purchase like a new automobile, buy it before you start divorce proceedings because you won’t be able to do so after the papers are filed. Other points you should consider to help save money include:

  • Tracking your spouse’s spending
  • Photographing and documenting assets
  • Getting a property appraisal if you own a home
  • Improving your education before filing
  • Familiarizing yourself with your finances and know your largest asset

Many people also make the mistake of hiding their assets or completely ignoring the hidden tax implications of divorce. Doing either can cost you a lot of money.

Get advice wherever you can

While you likely have a divorce attorney to guide you through property division negotiations, using a mediator can also be helpful. Take advantage of free advice, too, when determining which professional will best suit your needs and style.

The financial implications of items like parenting agreements can even figure into the cost of divorce. Living expenses will change for both you and your soon-to-be ex-spouse, so don’t underestimate what you’ll need. Keep in mind that a willingness to compromise can often be your best friend.