Finances can be a complicated aspect of divorce

 Posted on April 10, 2015 in High Asset Divorce

When a person begins the process of divorce, it is natural for him or her to be overwhelmed by all of the details that must be handled. The person not only has to juggle the emotional side of the process but also the financial side. A few tips may help people going through divorce in Illinois to feel in control during the process.

Several big-picture matters must be tackled during a divorce. However, it may be easier to start out focusing solely on one's immediate needs. For instance, people may want to first ensure that they can cover their everyday expenses, that they have medical insurance coverage and that they are prepared to discuss child custody, if applicable.

The division of assets is often one of the most confusing parts of the divorce process. In some cases, one spouse may attempt to hide assets, making the help of forensic accountants and other financial professionals necessary. When divorces are contentious, completing an expense analysis may be a helpful way for both parties to stay focused on the numbers instead of approaching the financial planning from an emotional viewpoint. Regarding health insurance, it is worth noting that medical insurance may be included in a divorce settlement to make sure that one's children and former spouse remain covered.

Taking one step at a time, with the help of proper legal guidance, can make the process of getting a divorce more manageable. If two people are able to sit down at the negotiation table and strive to consider each other's needs, this may make it easier for the two to achieve a settlement without the need for a lengthy court battle. Otherwise, an Illinois family court will make end up making their financial decisions for them.

Source: The Huffington Post, "The Four Phases of Getting Through a Divorce", Bradford M. Pine, April 1, 2015