Divorce Planning - 3 Ways It Can Help Improve Your Financial Future

 Posted on September 14, 2018 in Divorce

Divorce can be a massive undertaking that has lasting emotional and financial implications for all involved parties. Divorce planning - a process in which parties plan for a divorce before they file - can help to mitigate many of the potential issues. Learn more about how it can help to improve your financial future and discover how a seasoned divorce lawyer can protect your interests and assist you with the process. 

Obtain a Clear Understanding of Your Financial Situation 

Studies suggest that approximately one in five married people hide money or debt from their spouse. What does that mean for you and your divorce? Perhaps nothing, but if your spouse happens to be one of the 7.2 million spouses that are being financially dishonest, you may be in for a big surprise once the divorce proceedings start. You could also be at risk for dissipated assets, crippling debt, or a reduced settlement in your divorce. Divorce planning not only helps you uncover hidden debt and money, it can also ensure you have the time, knowledge, and resources to effectively prepare for how such issues could impact your life in the long run.

Examining Your Career Path to Protect Your Financial Future 

If you stayed at home to care for your children while your spouse worked, gave up promotions, education, or advancements to help your spouse further their career, or simply decided to stop advancing your career because your spouse had a better chance at “making it,” you could be at a severe financial disadvantage once divorce proceedings start. Not an uncommon issue - especially among couples with children - this matter should be addressed and dealt with, long before you file for divorce. Some parties may choose to resolve it by making those career advancements they had previously given up. Others may return to school to further their education or training. Whatever approach you take, ensure you have a seasoned attorney on your side, guiding you through the divorce planning process. 

Avoid Overlooking the Small but Important Details

Divorce is a complex legal process with many details to iron out. Couples with children and those or a high net worth face even more obstacles and challenges. Divorce planning gives you the time to really consider the various aspects of your divorce, which means you are less likely to overlook the small but important details. Some of the most commonly missed include:

• Who will pay for a child’s college tuition,
• Who will be responsible for child-related costs not covered by child support,
• How parties will ensure that marital debt obligations are met, and
• If and how lifestyle expectations will change once the divorce has been finalized. 

Contact Our DuPage County Divorce Attorneys

At Davi Law Group, LLC, we work hard to ensure our clients are fully prepared for the divorce process. Dedicated and experienced, our Wheaton divorce lawyers can guide you through the divorce planning process, explain and ensure you understand your options, and assist you in moving forward with your new life in a positive way. Call 630-580-6373 to schedule your personalized, no-obligation consultation with our offices today. 

Sources:

https://wtop.com/business-finance/2018/06/5-common-divorce-mistakes-to-avoid/

https://www.cnbc.com/2015/01/21/iding-money-from-spouses.html