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DuPage County divorce attorneyEnding a marriage is a difficult endeavor with many possible financial pitfalls from which a person may spend years trying to recover. In fact, one study suggests that it may take as long as five years to overcome the financial impact of a divorce. In some cases it may take even longer, possibly decades. However, there are ways to minimize the financial risks of divorce, especially if you are well prepared and you have the guidance of a qualified divorce attorney.

The Intersection of Divorce and Debt

Most Americans have debt. Some fail to manage it responsibly, but others are diligent about only taking on obligations they can afford. However, both groups are at risk of financial difficulties after a divorce. This is due, in part, to the splitting of one household into two. Each party must now cover their own separate bills, housing expenses, and utilities. They must also be able to pay the share of the marital debt that was allocated to them, 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 leaving themselves open to financial risks during and after divorce, couples can plan for the event and adjust their situation accordingly. This might mean putting off the divorce until debts are 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 take an aggressive litigated approach to protect your interests during the divorce process. In either case, the assistance of an attorney is highly encouraged.

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Wheaton spousal maintenance attorney

The decision to end a marriage can be emotionally, financially, and even physically devastating. A trusted therapist may help ease emotional stress, but what about the worries regarding finances? Regardless of whether your divorce is amicable or tumultuous, you will need to understand how to protect your rights to the marital estate. If you are facing a divorce and are unsure how to protect your financial interests, you should speak with a knowledgeable family law attorney to explore your potential next steps. In the meantime, here are answers to some of the most frequently asked questions about finances during divorce:

How Much Will a Divorce Cost?

There are many expenses associated with the divorce process. You will be required to pay a variety of court costs and filing fees, and the costs of hiring and working with an attorney throughout the divorce process may add up to several thousand dollars or more. In addition, there are a variety of other ways that legally ending your marriage can impact your finances, including:

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Lombard family law attorneyWhen you are going through a divorce, it is a reasonable to wonder how you and your spouse will divide the property that you have accumulated during the course of your marriage. For many couples, in fact, disputes regarding the division of assets are among the most contentious in the entire divorce process. If you and your spouse are not able to reach an agreement regarding your property, the court will rely on provisions in the law to determine which of you will be receiving what.

Not Necessarily Equal

Illinois is an equitable distribution state, which means there is not legal presumption that marital property should be divided equally. Rather than a guaranteed 50-50 split, equitable distribution holds that the marital estate must be divided in a manner that is reasonable and fair, based on the circumstances of the marriage and divorce. This means that every situation is unique and must be considered individually by the court.

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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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