Financial matters can complicate an Illinois divorce

 Posted on February 12, 2015 in High Asset Divorce

Divorce is life-changing — whether a person is old or young, poor or rich. The divorce process can be complex, with both emotions and financial challenges complicating a person's transition from marital life to single life. Some tips may help people in Illinois to protect themselves financially when dissolving a marriage.

The more amicable the parties can be during divorce proceedings, the more likely they are to save themselves heartache as well as money. It is typically beneficial to remain flexible with one's soon-to-be-ex when trying to figure out how to divide shared assets and property. This includes learning when to push for what one desires as well as learning when to make fair compromises for the sake of moving the process forward.

It is also beneficial for the parties to be candid with each other about their income and assets. The more upfront they are from the start, the more expeditiously they can finalize things. In addition, it's best to avoid squabbles over petty issues and instead stay focused on the most critical matters at hand.

A working understanding of divorce laws may help an individual to pursue his or her rightful share of marital property and assets in Illinois. Without proper legal guidance, one party could end up being cheated, which can have long-term repercussions financially while trying to rebound from the divorce. It is within the rights of both parties to fight for a settlement that will personally benefit them both now and in the future.

Source: CNBC, "Getting divorced without breaking the bank", Susan Caminiti, Feb. 9, 2015