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Financial tips for Illinois couples going through divorce

One of the most common problems divorcing couples face is dividing marital property and dealing with the financial fallout. For those in Illinois and across the country, property division can often cause stress and even lead to serious money problems. There are measures people can take to protect themselves and their wallets in the event of a divorce.

According to a report from CNBC, it is imperative for divorcing spouses to head into the process prepared. That includes obtaining a credit report, which can give a clear picture of any debt. For some, putting together financial statements may be easy, though other people might want to seek professional assistance. A financial planner may be able to help someone gather comprehensive details regarding tax implications, compensation statements and other financial matters. As the president of Divorce and Money Matters notes, divorcees need to make sure that assets are correctly valued and transferred.

Industry experts report that couples who are inflexible will often rack up significant attorney fees. Arguments over petty issues can result in thousands of dollars in legal fees. In that same line of thinking, experts suggest that people going through a divorce should remember that most attorneys charge by the hour. Therefore, emotional discussions should be reserved for family and friends and not the lawyer’s office.

When couples are honest and calm during divorce proceedings, fees can be kept to a minimum. While some people may opt to work with a mediator instead of an attorney, experts warn that unless both parties are financially savvy, the outcome may be lopsided. Anyone who is considering a separation or divorce should consult with an attorney before making any decisions.

Source: CNBC, “Getting Divorced Without Breaking the Bank,” Susan Caminiti, Feb. 9, 2015

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