How to cope with the financial challenges of divorce

On Behalf of | Mar 4, 2023 | Divorce |

Going through a divorce in Illinois is often financially and emotionally draining, and that’s true even when the marital breakup is amicable. But it is possible for divorcing individuals to protect their financial futures following their divorce proceedings. Here are a couple of ways to prepare financially for the aftermath of divorce. 

Considering financial basics and goal setting 

An important step in navigating the financial aspect of divorce is for divorcing individuals to begin to decouple their money from their spouses’ money and focus on paying off their own loans and debts in full. They should also ideally create a detailed budget. These budgets can help them to ensure that they have adequate funds for paying living expenses and bills, as well as setting aside money for future investments and savings. 

People who are going through the divorce process should also update their financial goals. This includes setting short-term aims, such as building up an appropriate emergency fund. It also includes setting long-term objectives, like saving for retirement. Creating updated goals will help to map out financial plans moving forward. 

How an attorney can help 

Although finances can be difficult to figure out during the divorce process, a family law attorney in Illinois can help a divorcing individual to seek his or her fair share of assets and even pursue spousal support when the circumstances warrant it. The attorney will push for a personally favorable outcome for his or her client at the negotiation table, as settling out of court tends to be less stressful than going through divorce litigation. Nevertheless, the attorney will be prepared to litigate the matter if necessary, all the while making sure that the client’s rights and best interests are protected.