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Kane County divorce attorneyApart from acknowledging how much will be needed for rent and basic monthly expenses after a divorce, it is all too easy, and common, for divorcing couples to find themselves shelving the financial aspect of the split until after the process is finalized. When you consider the emotional toll of the end of a marriage and additional stressors such as parenting plan arrangements, a potential relocation, and maybe even a new partner for one or both parties, money is often one of the last things couples wish to think about. This can be especially harmful for those who have very limited funds to begin with, or for those who have little to no employment options when the marriage unravels. 

The Importance of a Financial Game Plan

No matter how much or how little money you have to work with, the lack of a financial game plan can result in a divorce that does not turn out in your favor. For example, if you and your spouse were already in serious debt prior to the separation, those debts may only get worse and become more unmanageable if they are ignored. As overwhelmed as you may already be, avoidance is never the answer where your financial well-being is concerned, especially when you are about to experience a significant shift in income and overall lifestyle due to the split.

Why It Pays Off to Address Financial Matters Early On

Whether you have had minimal time to prepare, are currently a stay-at-home parent and do not know where to turn for help, or are simply scared and are avoiding money matters because your mind is on overload, making a plan to address finances early on can help you turn the situation around. Here are three reasons why addressing your finances is important:

Posted on in Divorce

Do You Need More Time Before Starting Your Divorce?When you and your spouse have decided that your marriage is over, it feels like there is little reason to delay getting a divorce. You may be eager to complete your divorce and move into the next stage of your life. Prolonging your marriage can be just as stressful for your children as your divorce will be because they can tell that you are unhappy and your relationship is strained. However, a short delay in starting your divorce could ultimately pay off if you need time to prepare yourself.

Financial Security

In the rush to complete a divorce, some people do not spend enough time considering how they will support themselves – in both the short term and long term. As a newly single adult, you will be paying for all of your living expenses without the benefit of your spouse’s income. As a result, you will need to figure out:

  • A new budget for yourself
  • Ways that you can cut down on your expenses
  • How you can increase your individual income

The surest way to increase your income is by finding a new job, which may require you to go back to school to improve your qualifications. Some of your marital expenses may follow you into divorce, such as paying off marital debt and expenses related to keeping your home. You will also need to build up your own source of savings, such as opening an individual bank account. All of these issues are easier to handle and less costly to you if you start on them before you begin your divorce.

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