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Will County divorce lawyersDivorce 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.

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Joliet divorce lawyersDivorce is an emotionally and financially complex process that affects around 800,000 Americans each and every year. Sadly, some studies estimate that, for those couples, net worth could be reduced by as much as 77 percent by the time the ink dries on their decree. Is that always the case though? Certainly not. In fact, those that plan and prepare effectively for divorce often fare better than those who do not. The following information can help you financially prepare for divorce.

Start by Taking an Honest Look at Your Debt

You often hear divorce help sites talking about how important it is to account for all of your assets. This is true, of course, but some fail to mention that you must also examine your debt. After all, debt is not going to simply disappear once the divorce is over. Instead, it will be distributed between you and your spouse, much like your assets. Yet, when it comes to debt, there are also some complexities that get in the way. For example, mortgages and other high amounts of debt may not be as easy to “split” because the lender or extender of credit may not be willing or able to remove one of you from the account.

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