Avoid making these financial mistakes during the divorce process

On Behalf of | Jul 3, 2021 | Divorce |

Nothing about getting a divorce in Illinois is black and white, even in the most harmonious of divorce cases. This is particularly the case for couples with many high-value assets or high incomes. However, it is possible for people who are going through divorce to remain financially healthy even after the divorce has been finalized. Here are a couple of mistakes to avoid to achieve the most personally favorable financial outcome post divorce. 

Handling negotiations 

common mistake made during the divorce process is to rush through the settlement negotiation process. Before divorcing individuals begin negotiating settlements, it is paramount that they have defined their goals clearly and that they fully understand their financial situations. They can achieve this by reviewing tax returns and account documents to determine what all of their debts and assets are. This can help them to decide on the best approach for navigating matters such as property division and spousal maintenance.  

Dealing with friends and family 

Another frequently made divorce mistake is to listen only to the advice of friends and family. Loved ones generally want to support the individual going through divorce, but sadly, the advice they provide might be misguided. An attorney, on the other hand, can provide advice based on his or her comprehensive understanding of Illinois divorce law, as well as his or her understanding of the individual’s unique financial circumstances. 

How an attorney can help 

During the divorce process, an experienced attorney can help a divorcing individual to pursue a comprehensive and just settlement with the other party through negotiation or mediation, for example. If this is not possible, one’s attorney will be prepared to litigate the divorce. Either way, the client’s best interests, and those of any children involved, will always be the main focus throughout the entire process.