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Posted on in Divorce

Will County divorce lawyersNearly all financial aspects of divorce are complex, but few are quite as confusing and consequential as the 401K. Unlike other assets, these plans often lead to costly penalties when dividing them, and those that dip into them to fund the actual divorce often find themselves in even more financial trouble. Learn how to effectively divide your retirement plan in divorce, and how the assistance of an attorney can mitigate the risks.

The Complexities of QDROs

Qualified domestic relations orders, or QDROs, are used to divide retirement and pension plans in divorce. They are also exasperating and frustrating for those who do not know how to handle them. This is especially true when the QDRO is handled by a third-party. Additional fees can be added when things do not go smoothly (such as failing to follow a third-party’s outlined instructions) - sometimes two to three times more than what the divorcing parties might have otherwise paid.

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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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Posted on in Divorce

Joliet divorce lawyersFrom a legal standpoint, divorce is a lot like a business deal. Marital assets are dissolved and/or equitably split between the invested parties. Even the allocation of parental responsibilities and parenting time agreements have an oddly unemotional method for determining the best interests of a child. Underneath it all, though, there are emotions. There is pain and separation. Loss and grief. Those who generally adjust the best after divorce are those that take the time to acknowledge this emotional aspect in healthy ways. Yet, even the most well-adjusted individuals can experience post-divorce depression. The following can help you learn how to handle it.

Seek Support and Guidance

Too often, divorcees feel ashamed of their perceived “failure.” As a result, they may shy away from asking for help. Rest assured that divorce is not a failure in life, or in marriage. It simply means that your journey together came to an end. So seek help when and where you need it – be it a grief counselor, the pastor at your church, a friend who has gone through divorce, your family, or a divorce support group.

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