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DuPage County divorce attorneysGoing through a divorce will likely have a profound impact on nearly every aspect of your life. This is especially true when it comes to your finances. For most people, a divorce is not only going to take two combined incomes and split them up, but it will also change what financial responsibilities you have.

You may, for example, have to start paying child support or spousal support, which will obviously have to be added into your monthly budget. Even if you are receiving child support or spousal support payments, however, you will need to use that money to cover many new expenses caused by the divorce. The following four tips can help you to put yourself in as strong of a position as possible after your divorce is finalized. 

1. Start a Strict Budget Now

Living on a budget is always important, but during and just after a divorce, it is more critical than ever. Do everything you can to minimize your expenses now, and live well under your means. Once the divorce is finalized and you are able to accurately see all your new income and expenses, you can start transitioning into your ‘new normal’ for money. It is much easier to have a little extra money in your budget after a divorce than it would be to be short each month. 

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DuPage County divorce attorneysStatistics indicate that the divorce rate has been on the decline for nearly every age group - but for those nearing retirement age, the rate has nearly doubled in the past decade. This phenomenon, dubbed the “grey divorce” wave, is not specific to the United States either; the United Kingdom, Australia, and other developed nations are seeing rising rates of late-life divorces as well. 

Examining the Gray Divorce Trend 

Researchers and analysts say the rate of late-in-life divorce has started to climb over the last decade because many couples in the Baby Boomer generation had either put off or not previously considered divorce. Divorce was more than just socially discouraged back then; it was thought to be inherently bad for children. Of course, we now know that the impact of divorce may vary, based on a variety of factors (i.e. the amount of parental conflict and the level of involvement that each parent has in the life of the child after the divorce, etc.), but parents from the Baby Boomer generation did not have this same information. 

Now, with their children raised, many are realizing that they still have a life to live - and they no longer want to spend it with their spouse. Sadly, the decision to divorce so late in life is creating some unique challenges for this American demographic group. 

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Wheaton divorce attorneysGoing through a divorce is widely considered to be one of the most painful and difficult experiences that one can go through. In fact, many psychologists and grief counselors have compared the trauma of divorce to that of suddenly losing a close loved one (in terms of the emotional pain that it can cause). With this in mind, a growing number of people are seeking help during and after a divorce to help them to adjust in a healthy way. 

Two of the most common options for coping with a divorce are support groups and professional therapy. Determining which one is right for you will help to ensure you are receiving the best possible assistance.

Are Support Groups Right for You?

Support groups are typically comprised of people who are all going through (or have gone through) a similarly difficult event, such as divorce. While there may be someone who is in charge of the group to help keep things progressing properly, the actual support and advice will come from everyone in the group. 

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DuPage County parenting time lawyersGoing through a divorce is hard on parents, but it can be especially difficult for children. They are experiencing a range of emotions, and they might not understand how to deal with those emotions effectively. Reading books to your young children can help them to see that they are not alone, and what they are feeling is normal. Books can also show children how to deal with and express complex emotions. The following books would be a great place to start: 

It’s Not Your Fault, Koko Bear, by Vicki Lansky

This sweet story tells of a young bear cub whose parents are getting divorced. Koko Bear goes through a range of emotions, including anger, guilt, sadness, and confusion. The best part of the book is that it offers advice to parents on how to help children with these emotions. 

My Family’s Changing, by Pat Thomas

A sweet little picture book that tells about how divorce affects families. It has a “What About You” section that gives parents a number of questions that parents can ask their children. Ultimately, answering these questions can help the child to better understand and express their feelings. 

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Wheaton divorce attorneysAlthough the 2017 American Community Survey estimates the number of divorces is on the decline in Illinois, women still need to be aware of how to protect themselves financially, should divorce become inevitable.  There are two common financial mistakes shared by a number of divorcing women - not only in Illinois but throughout the United States.  By taking a proactive role and getting ahead of these common financial mistakes, women can save themselves a lot of frustration and be better prepared for their future.  

1. Not Knowing Your Marital Assets and Debts

In Illinois, there is a presumption that property acquired during the marriage is marital property, therefore it should be divided equitably. However, many women are unaware of the extent of their marital property, which may cause them to leave money on the table. Consider that marital property can include a variety of assets - from retirement accounts and offshore bank accounts to car collections and earnings on investments. It is important to immediately identify and determine the values of these items since knowing these values will allow for a more equitable share in the assets of the marriage.  

While it is crucial to know the marital assets, it is just as important to be fully informed of the marital debts. Where there is often a lack of knowledge of assets, the same is often true of marital debts. Debts can include car loans, home mortgages, credit cards, lines of credit, or any other debt. These will be factored into a property settlement along with any assets. If unaware and unprepared for them, you could be financially crippled in your new life, long before you even begin. Thankfully, with guidance and skilled legal counsel, you may be able to overcome such financial hurdles in your Illinois divorce. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
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Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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