Divorce and Finances: What to Expect

 Posted on December 00, 0000 in Divorce

Marriage and divorce are alike in that they usher in a number of changes for both spouses, many of which involve finances. Though marriage tends to offer more optimistic benefits, especially in regard to taxes and living with two incomes, the financial challenges of divorce can be more disconcerting.

Regardless of whether the marriage was young or old, you should plan your finances carefully before filing. Your budget should include legal expenses, possible relocation, and any adjustments that come with living on a single income. Spouses with children may face other monetary hurdles.

Seeking Out Professional Advice

Financial challenges should not dissuade you from consulting an attorney. A divorce lawyer may be able to help you avoid mistakes that could compromise your financial well being. According to the Women's Institute for Financial Education, failing to seek professional input is one of the most common mistakes divorcing spouses make.

Taking a Realistic Perspective on Your Finances During the Divorce

Organizing your finances can be tiresome work, but it could mean the difference between financial stability and hardship after your divorce. During the divorce proceedings, you may be required to provide evidence of your income and asset value. It is a smart idea to be as open and honest about your finances as possible.

Following a divorce, many people decide to change their career or return to school. This can be a healthy, responsible choice, and you should have an open mind about your options.

Divorce often requires certain sacrifices—especially in regard to finances—but it is also an opportunity to build a new life. Though there may be painful and difficult changes, it is also the time to move forward emotionally, socially, and financially.

If you are interested in speaking with a McHenry County divorce attorney, contact The Thomas Law Office. We offer free initial consultations. Call us today at 847-426-7990.