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Financially surviving a divorce

The average cost of a dissolving a marriage is between $15,000 and $20,000, according to a report from the Huffington Post. The article notes that there are a number of expenses to factor into a divorce in Illinois, such as the following:

  • Court costs
  • Attorney’s fees
  • Parent education classes, when required
  • Mediation
  • Refinancing

While these expenses may be substantial, people going through a divorce should take into account the price that comes with property division and potentially losing a spouse’s income while at the same time having to secure housing and possibly a new job. For people who were either underemployed or unemployed during the marriage, these items can have a significant financial impact.

Experts suggest several ways to avoid serious money issues, such as working with a financial adviser. A report in USA Today recommends seeking professional help as soon as possible, reviewing items such as bank accounts to fully understand the assets involved and what revenue will need to be replaced. Waiting too long can mean missing opportunities or making mistakes during the divorce process.

Additionally, it is important for people going through a divorce to have all the details regarding property division, including any possible tax implications, assets that are depreciating or investments that are performing poorly. These factors will greatly affect the true value of marital property and should be taken into account when dividing assets.

Lastly, people who receive spousal support or child support should keep in mind that those sources of income are most often temporary. Through working with professionals, people can get the big picture of what their financial future may look like and how to combat any potential challenges.

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