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DuPage County divorce attorneysA divorce is widely considered the second most stressful life event a person can experience. It is second only to the death of a spouse. For those contemplating ending their marriage, there are many things to understand and plan for in advance. One of the many concerns that people considering divorce have is how it will affect them financially. There is no avoiding the fact that a divorce will change your financial situation but that does not mean that a divorce has to be a financial disaster. With some planning, help from professionals, and a little creativity, you can keep your divorce cost manageable.

Be Aware of Your Finances

Experts encourage people who are planning to divorce to immediately begin tracking their household income and expenses. In many marriages, only one of the spouses handles the money management. When two people divorce, they will both become responsible for sticking to a budget, paying taxes, and managing bills and surprise expenses. Taking stock of your current financial situation will not only help you prepare for being single but will also help your attorney advise you regarding splitting assets and debts and allow you to account for spousal or child support.

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