Avoid These Common Financial Mistakes During Your Illinois Divorce

 Posted on February 07, 2019 in Divorce

Going through any break-up is difficult, but the legal and financial implications surrounding divorce make the break-up of a marriage one of the most challenging life events a person will endure. If you plan to get divorced or are considering it, you probably have many concerns – financial and otherwise. Read on to learn about some of the most common money mistakes people make when getting divorced and how to avoid them.

Remaining Ignorant of Your Financial Situation

In many marriages, one person handles the finances and the other simply trusts him or her to do so accurately and adequately. This may work fine during the marriage, but it leaves one spouse at a significant disadvantage during divorce. If you have not been involved in your family’s financial affairs and plan to divorce, it is highly recommended that you get up to speed as soon as possible. Make copies of essential financial records including checking and savings account statements, retirement and brokerage account statements, tax returns, and credit card bills.

Using Expensive and Destructive Coping Mechanisms

Understandably, many people getting divorced struggle to cope with the emotional trauma of their marriage ending. Some develop unhealthy coping mechanisms or revert to destructive habits in response to the emotional burden. Drinking too much, gambling, or using drugs to cope with the pain of divorce cannot only damage a person’s health and wallet, but also their divorce settlement.

Assuming You Should Keep the House

Divorcing individuals often make the mistake of assuming that keeping the house is the best decision. For many, moving to a new house is the last thing they want to worry about during or following a divorce. Divorcing parents are understandably hesitant to move their children to a new home. However, divorcing individuals must be honest about their ability to finance the house as a single person. Many divorcees find that they cannot afford house payments or maintain the home alone.

Refusing to Cooperate with the Other Party

Although it can be nearly impossible in some cases, couples stand the greatest chance of reducing unnecessary divorce costs when they work together as a team. Resentment and the desire for revenge can result in an unnecessarily long and drawn-out divorce. Mediation is one way couples can arrive at agreements about divorce issues without the need for actual litigation, but this solution may not be appropriate for couples who cannot cooperate or who have a history of domestic violence.

Contact a Naperville Divorce Attorney for Help

Contact the highly qualified DuPage County divorce lawyers at Pesce Law Group, P.C. for help with filing for divorce, custody and parentage issues, spousal support, and more. Call us at 630-352-2240 and schedule your free consultation today.

Sources:

https://www.forbes.com/sites/davidrae/2018/10/25/divorce-financial-mistakes/

https://www.usatoday.com/story/money/personalfinance/2015/03/07/adviceiq-divorce-finances/24536371/