Divorce can have long-term financial impacts

 Posted on January 06, 2016 in High Asset Divorce

With the new year afoot, now is the proper time for people going through the process of divorce in Illinois to ensure that they start out the year financially on the right foot. Failure to do so can unfortunately have long-term negative consequences. A few tips may help individuals to make expedient decisions while considering the financial impact of divorce.

During the marital dissolution process, a person's mind can quickly become hazy amid the emotional and financial stresses with which he or she may be confronted. It is unfortunate that this happens during a period where critical moves and decisions must be made. Divorcing individuals may thus benefit from taking the time needed to write their goals down, as the writing process helps them to gain clarity.

It may also be helpful to avoid distractions, such as music, when thinking about one's goals during and after the divorce. Whether a person is taking a walk, driving in a car or walking on a treadmill, he or she can simply think about what is most essential to him or her instead. When a person determines what he or she considers to be essential, this person can better determine how he or she will afford his or her lifestyle following divorce.

Knowing one's rights during the divorce process can have a huge impact on a person's level of success during this type of family law proceeding in Illinois. Proper legal guidance may help divorcing individuals fight for their fair share of assets as well as tackle other areas that will impact their finances such as alimony. Both spouses in a divorce have the right to pursue their own best interests while taking into consideration the other party's wishes.

Source: Forbes, "New Year, New You: 3 Financial Tips For The Newly Divorced", Mark Avallone, Dec. 29, 2015