Divorce is a difficult endeavor with many financial pitfalls. Some couples fall into them and spend years trying recover. In fact, one study suggests that it may take as long as five years to overcome the financial impact of a divorce. Others may fight even longer, possibly for decades. Thankfully, it is possible to minimize the risk, as long as you know a few helpful tips. The following explains.
At the Intersection of Divorce and Debt
Most Americans have debt. Some fail to manage it responsibly, but others are diligent about only taking out the amount of credit they can afford. Yet both couples are at risk for financial difficulties after a divorce. This is due, in part, to the splitting of one home into two. Each party must now cover their own separate bills, housing expenses, and utilities. They must also be able to pay their share of the debt, which can be difficult to manage on a single income. The more debt a couple has going into the divorce, the higher their risk typically is.
How Divorce Planning Can Help
Instead of setting themselves up for financial failure in divorce, couples can plan for the event and adjust their situation accordingly. This might mean putting off the divorce until debt is paid, or determining who will be responsible for each debt ahead of time. This can be done through mediation or other forms of alternative dispute resolution. Alternatively, if an agreement cannot be reached, it may be necessary to seek an aggressive attorney to protect your interests during the divorce process. In either case, the assistance of an attorney is highly encouraged.
The Importance of an Experienced Lawyer
Creating a plan for divorce goes beyond simply dividing your debts and assets. It is about knowing what hurdles may be specific to your case and knowing how to avoid them. It ensuring that you understand your options and the potential implications of each one. It is about adjusting your actions so that you have a better chance of creating the kind of life you want to live. This is why a seasoned attorney is considered a critical component of the divorce planning process.
At Mevorah Law Offices, LLC, we recognize the importance of personalized representation, and we are committed to meeting your divorce needs. Dedicated and experienced, our Will County divorce lawyers make your future our top priority. Get the representation you deserve. Call 815-726-9200 and schedule your free initial consultation with us today.