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Illinois divorce lawyersIntuition can be a wonderful thing; it can be what encourages you to complete a project sooner than its due date, only to learn that you wrote down the date incorrectly but still had it done on time, or it could be the reason you end up having a much-needed item at exactly the right moment. Intuition can also feel like a bit of a curse sometimes - like when that tiny voice in your head is trying to tell you that your spouse is contemplating a divorce. If you have that nagging feeling, the following five signs can tell you whether your intuition may be correct. You shall also learn how to prepare for an Illinois divorce, should you or your spouse decide to file for one in the immediate future. 

Five Clues That Indicate Your Spouse May be Planning a Divorce 

Although there are many behaviors and actions that can indicate a divorce may be on the horizon, five specific clues are almost always present in impending cases. These include: 

1. Your spouse suddenly becomes more protective over their finances. Perhaps they have cut off your access to an online account or have started hiding their pay stubs or invoices. Maybe they have removed you as an authorized user on their credit card, or they simply avoid money conversations altogether now. Perhaps it is nothing more than a distinct difference in how they behave during money-related conversations. Whatever the situation, you feel as though something feels “off” when you try to discuss the family finances with them; 

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DuPage County divorce attorneysDivorce 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. 

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DuPage County divorce attorneyWhile divorce can be financially devastating at any stage of life, those who are nearing retirement are considered to be at the greatest risk for severe financial losses. Thankfully, it is possible to mitigate against this all-too-common gray divorce issue. Learn how in the following sections, including how a seasoned divorce attorney can help improve the outcome of your Illinois divorce case. 

Understanding the Risks of a Gray Divorce 

The risks associated with gray divorce are no different from those seen in other divorce cases. Instead, it is the age and stage of life of the divorcee that creates additional risks. Financial losses are more difficult to overcome because the individual is nearing the end of their income-earning years. That also means that the individual is nearly done contributing to the account. When one considers that retirement accounts are often one of the more valuable assets that a party owns, the risk of severe financial loss in a divorce becomes clear and extremely real. 

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Illinois divorce planning lawyersDivorce can be a massive undertaking with numerous pitfalls, and many can cause extreme but unnecessary stress and financial loss. Thankfully, divorcing parties can mitigate against some of the issues using a strategy known as divorce planning. Learn more about this process in the following sections, including the role and importance of an attorney while navigating through it.

What is Divorce Planning? 

Although the emotional toll of divorce cannot be denied or ignored completely, parties are encouraged to see the legal process for what it really is: a detangling of assets. What that really means is that legally speaking, divorce is more like a business transaction. Certainly, your feelings are valid, and you have every right (and should expect) to be angry, confused, or hurt - but these emotions will not benefit you in the courtroom. In fact, if anything, they could cause you to make irrational or hasty decisions. 

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Wheaton divorce lawyersOnce the difficult decision to divorce has been made, parties often struggle with how to break the news to their family, friends, and children. While everyone is different and each couple will decide how to proceed, based on what works best for their needs, there are some hard and fast rules that you can use when talking to those that are closest to you. The following also provides some valuable information on what an experienced attorney can do to assist in your divorce. 

Avoid a Social Media Frenzy

Social media has become the way to communicate these days, but it is not necessarily the best way to break the news of a divorce - especially when it comes to family and friends. Sharing that you are going to divorce online can also cause a tense social media situation if you and your spouse have mutual family and friends. In short, conversations like this are typically best held in person. If distance and finance will not allow for an in-person conversation, a phone call may suffice. 

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Wheaton divorce lawyersMost divorcing parties know that an attorney can benefit them during a divorce, but few understand the role or importance of a financial advisor. Able to examine your financial situation and work closely with you and your attorney, these professionals are known for their ability to plan far into the financial future. Learn how having both a financial advisor and an attorney during your divorce may improve your life, long after the divorce is over.

What Does a Financial Advisor Do?

Financial advisors, such as Certified Public Accountants (CPAs) help individual’s make smarter decisions with their money. That can include large sums of money, but it can also pertain to one’s monthly or annual cash flow. For example, an advisor may notice that you are spending a lot of extra money on various memberships that could be combined to offer the same benefits at a lower price. They can also search for spending patterns that may be hindering your ability to reach or maintain financial stability. A financial advisor may even be able to provide you with the knowledge and tools that you would need to achieve a financial status that goes beyond survival and stability to create a sustainable source of future wealth (i.e. starting an investment portfolio to fund your retirement).

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DuPage County divorce lawyersDivorce during any stage of life can be financially devastating, but the effect is often worse as one nears retirement. Several factors play a part, including the lack of time to recover from any losses experienced during the divorce. However, it is possible to mitigate against the potential negative effects of a later-life divorce. Learn how, and discover what an experienced attorney can do for you during the process, with help from the following information.

Understanding the Potential Risks

Most couples plan for just one set of expenses in retirement. Divorce creates two sets of expenses, and it requires that all marital assets be equitably split. While many factors may be used to determine what this “equitable split” might look like, one can be almost certain that their nest egg will no longer cover all their expenses. As such, “gray divorcees” need a strategic plan before moving forward with the process.

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