Tips for navigating financial aspect of divorce

On Behalf of | Apr 22, 2021 | Divorce |

The process of getting a divorce can no doubt be emotionally challenging to process. However, it can be just as difficult to navigate financially, especially for individuals with many assets or with high-value assets. Fortunately, a couple of tips can help with tackling the financial aspect of divorce in Illinois. 

Information gathering and professional guidance 

One of the most important steps to take at the start of the divorce process is to collect several key financial documents. The reason for this is that the information they contain will likely impact how marital assets are split, for example. The documents that are important to gather range from tax returns that are five years old or newer, to recent 1099s and W2s. 

In addition, it would behoove individuals who are getting divorced to consult certified financial analysts before making financial decisions during the divorce proceeding. Ideally, the financial analyst who is chosen should be well versed in working with people who are going through divorce. Analysts can help divorcing individuals to make decisions about insurance and pensions while dealing with asset distribution during the divorce. 

How an attorney can help 

In addition to consulting a financial analyst, individuals who are getting divorced in Illinois would be wise to seek the guidance of an attorney right away. An experienced Illinois attorney can help with addressing not only asset division but also child support, child custody and spousal support. The attorney’s main goal is to make sure that his or her client’s rights and best interests are protected during all stages of the divorce proceeding.