Financial impact of divorce can be tricky to handle

 Posted on January 30, 2015 in High Asset Divorce

Divorce can be an emotionally trying experience for couples in Illinois, but one of people's greatest concerns during a divorce is the cost. This is particularly true when two divorcing individuals are not in agreement on how their assets should be divided. However, getting divorced can still be messy even if a divorce is amicable and straightforward.

Dividing financial assets, debt, property and other types of belongings can be both complicated and lengthy. In addition, getting used to relying on one paycheck rather than two can be challenging. One way people can help themselves during this process is to redo their budgets. This will give them the opportunity to assess whether or not they can afford to keep the marital home while balancing other bills on their own.

It is also vital to know one's credit score. Although belongings and money can be split equally during a divorce, two divorcing parties may find that they are unequal with regard to their individual scores, especially if one spouse was the household's primary breadwinner. Paying off debts can help people to repair or build their credit histories.

One of the best ways to achieve an amicable divorce in Illinois is to create a prenuptial agreement before the marriage that spells out how shared assets will be addressed in the event of a divorce. Divorce negotiation and mediation may additionally help the two parties to achieve a settlement that both find satisfactory. It is within one's rights to pursue the most favorable settlement during the dissolution of a marriage.

Source: dallasnews.com, "5 steps to keep a divorce from being needlessly expensive", Jan. 23, 2015