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marital debt, Lombard family law attorneysAdjusting to life after a divorce can be challenging. One of the hardest things can be learning to deal with the new financial picture, especially any new debts you may have acquired as part of the divorce.

Setting a Budget

Family courts not only have the authority to divide the marital assets, but they may also be tasked with dividing the marital debts. This may mean you have less disposable income than you did before the divorce. It is important that you carefully review your finances early on and set up a realistic budget.

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divorce finances, Illinois divorce lawyer, divorce attorney, divorce settlement, division of propertyAlthough going through a divorce can be a very emotional time, it’s important to keep divorce finances in mind in order to protect both your future and your children’s future. Financial analyst Suzanna de Baca offers these financial tips for people who are going through a divorce:

Do not give too much away in the divorce settlement.

Negotiating with your spouse over property and assets can turn acrimonious. The constant arguing and conflicts can be emotionally draining, causing many people to "surrender" and end up walking away with less than an equitable amount – just to stop the fighting. It’s important to protect your financial future, so de Baca suggest working with both your attorney and a financial planner to ensure you receive a settlement that is in your best interest.

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This case began with the Illinois divorce of Donald and Lois Weiss.

At the time of the divorce, Donald was required to maintain three policies of life insurance on his life to benefit Lois. Lois sold her rights to one of the life insurance policies back to Donald in 1994, but he was still required to maintain the other two policies.

By 2007, 25 years after the divorce, Donald decided to stop paying on the two insurance policies. Lois took him back to court, and after Donald did not show up to defend himself, the Illinois Court swayed in Lois’s favor for just over $80,000 and awarded the ownership of the policies to her. The court also found Donald in contempt.

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