Going through the process of dividing marital assets is among the most daunting tasks in any divorce. For some Illinois spouses, however, property division decisions are even more challenging because they did not remain actively engaged in managing family finances during the marriage. Staying involved and insisting on financial transparency is critical to ensuring a fair division of wealth in the event of a divorce.
Far too many spouses allow their partner to handle all of the financial needs for the family. And even today, far too many of those spouses are women. While there are benefits to dividing household tasks between spouses, allowing a partner to fully control family finances can be detrimental in the long run.
For one, spouses who have little involvement in money management may not be fully aware of the scope of marital wealth (or marital debt). That can make it hard to negotiate a favorable divorce settlement. It’s also important to remember that there will be post-divorce needs when it comes to budgeting and saving for the future.
For Illinois spouses who are married but considering divorce, there’s no better time that the present to delve into family finances and gain a better understanding of the scope of marital wealth. For those who are already in the process of divorce and property division, learning how to budget and save are skills that should be acquired as soon as possible. With the right blend of planning and effort, it’s possible to move forward with a strong financial foundation.
Source: bloomberg.com, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50“, Suzanne Woolley, April 13, 2018