Financial planning during an Illinois divorce allows an individual to analyze and address the financial matters that crop up during the formal proceedings. In this way, the individual can make educated decisions to help create and maintain financial stability after the divorce is finalized. Here is a look at the short-term and long-term aims of a well-thought-out financial plan during a divorce.
Short- and long-term financial planning goals during divorce
Establishing short-term financial aims is essential for remaining stable both during and after the marital breakup. These goals might include maintaining liquidity, which involves ensuring that one has access to money for urgent needs. They may also include paying off debts by prioritizing essential or high-interest debts.
Setting long-term monetary aims is also important. For instance, they should ideally assess and adjust strategies for retirement savings. In addition, planning goals for children’s college expenses are important considerations. It’s also crucial to address any plans to purchase or maintain a home post-divorce.
An attorney can help
Navigating the financial complexities of divorce can be overwhelming, but a family law attorney in Illinois can help a client pursue a fair share of marital assets at the negotiation table. If necessary, the attorney will be prepared to litigate matters such as property division and spousal support to ensure that the client obtains the most personally favorable outcome possible. The attorney will also focus on ensuring that the client’s rights are protected during each stage of the divorce proceeding. It’s best to consult with an attorney as soon as possible after it becomes apparent the marriage may be ending.