Divorce can be a stressful and contentious matter – and not just because of the impending split. Financial matters are also particularly important in divorce, and they can have a lasting impact on each party’s quality life. If you are planning on filing for divorce or have recently been served, beware of these money issues in your case and learn how an experienced divorce lawyer may be able to help protect your interests and financial future.
Housing and Living Expenses
When couples split, one typically leaves the family home. The other may stay, or the couple may agree to sell the home and both may vacate the premises. Regardless of the living arrangements that they agree to, parties are encouraged to prepare for an increase in living expenses. Couples should also consider how a decrease in income – an inevitable side effect of divorce – may impact their financial situation. As an example, consider downsizing early, before the proceedings begin, when maintaining the family home is not an option.
In a marriage, one party typically handles the couple’s expenses and assets. In some cases, this same party is also the sole provider. When these two matters are combined, it creates a disadvantage for the non-earning spouse. While alimony or child support may be an option, even before the divorce is finalized, disadvantaged spouses may lack the knowledge or resources to pursue such provisions on their own. An experienced attorney can help – even if the disadvantaged spouse does not have funds of their own, so do not skip the lawyer just because you lack liquid funds. Instead, find out what options may be available to you.
More Money Tips for Divorcees
While the previous two tips can help divorcing parties immensely, there are still several other money issues to consider in divorce. For example, parties may be tempted to use credit to pay for their expenses until the divorce ends, but this can be a financially devastating decision. Another matter to consider is how money is spent; while there may be things that one needs to survive, excess spending is discouraged until finances stabilize after the end of the divorce.
Contact Our Will County Divorce Lawyers
With more than 200 years of combined experience, Mevorah Law Offices LLC has the knowledge and skills needed for your divorce case. We can examine your situation, explain your options, and represent your best interests throughout the entire process. Schedule a free initial consultation with our Will County divorce lawyers to learn more about how we can assist you. Call 815-726-9200 today.