5 Ways to Manage Your Finances After Your Illinois Divorce

 Posted on May 10, 2020 in Divorce

Going through a divorce can significantly disrupt your life. Not only does it affect your mental and emotional health, but it can also wreak havoc on your financial situation. It may be hard to maintain the same standard of living once you and your spouse part ways. However, you can still obtain a sense of financial security. In some cases, you may be awarded spousal support or child support payments, or you may be required to pay support to your former spouse. To alleviate some of the stress, it is important to be hands-on and in control of your assets, income, debts, and expenses. A skilled family law attorney can guide you through the legal proceedings and help ensure that you are positioned for success once your divorce is complete. 

Here are a few steps to regain financial stability after a divorce:

1. Balance your budget. A budget shows how much income you have coming in and how those funds will be spent. Determine your necessities and luxuries, and how much you would like to spend on each. Ideally, you should prioritize your necessities over your luxuries, and whatever income you have left over can be put toward your savings. 

2. Create an inventory sheet. Putting information about your finances, assets, debts, and expenses into writing will make it easier for you to see exactly what you have and where your money is going. Google Sheets, Microsoft Excel, Numbers, or another spreadsheet program can organize this information and provide a description for each item. You can download helpful templates, allowing you to choose the one that is appropriate for you. By gaining a full understanding of your finances, you can make sure your ongoing expenses will be covered, work on paying off debts, determine whether you can sell some property to get extra money, and create a workable plan for the coming months.

3. Pick your priorities. Food or a vacation? Rent or a new car? Health insurance or fancy clothes? It is important to organize your priorities to make sure you have enough money to remain afloat and avoid wasting funds on unnecessary costs. In addition, if you have children, their needs and well-being should come before anything else. 

4. Continue learning. By balancing your budget, creating inventory sheets, and managing your priorities, you will continue learning what works and what does not regarding your finances. Going through a divorce is never easy, but the effects of your divorce do not need to ruin your future happiness or lifestyle goals. Be open to different financial opportunities and seek advice from others.

5. Avoid panicking. This is often easier said than done. Thinking about finances can make anyone anxious. However, keep in mind all of the efforts you are putting toward maintaining financial stability. Try to shift your focus to the solution rather than the problem and continue setting financial goals. A financial planner can also make suggestions for investing and making the most of your savings. 

Although these steps will not change your financial situation overnight, they will make a big difference over time. It is important to avoid giving up hope and remember that this tough situation will not last forever.

Contact a DuPage County Divorce Lawyer

A divorce can be daunting, especially when considering your financial future. If you have any questions or concerns regarding the dissolution of your marriage, it is important to reach out to someone you can trust. The legal team at A. Traub & Associates provides exceptional representation, and will carefully handle any and all issues you may be experiencing. Contact our knowledgeable Wheaton divorce attorneys today. We will explain all your options to ensure you receive a fair settlement. Call or text our office today at 630-426-0196.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2086&ChapterID=59