Even after you finalize your divorce in Illinois, you still have a long way to go before the dust settles and you get back your peace. One of the messiest aspects of divorce is deciding who gets what from your shared belongings—in short, the financials.
Contested divorces can get nasty when disputes regarding the division of assets arise. You can secure your future by knowing the common mistakes people make during divorce proceedings in Illinois. What kinds of financial impact can you face during the divorce process?
Letting emotion rule your decisions
In the heat of the moment, many people may make emotional decisions with consequences that can be felt years later. For example, If you keep your shared home post-divorce, have you thought about whether your solo income can handle housing tax obligations and costs (e.g. electric bills) associated with the home?
Do not let fear, guilt or anger drive your divorce battles. Instead, you should approach fair asset division partly through a practical lens.
According to 750 ILCS 5/503, marital property should have equitable distribution. This doesn’t necessarily mean you and your ex-partner get an even 50/50 split—rather, asset division in Illinois prioritizes fairness and evaluates multiple factors.
When you consider your financial standing as well as obligations associated with assets, you get a better shot at stability.
Not budgeting through divorce
When you have been with your spouse for years or even decades, you might have already gotten used to living on two incomes. The divorce process is not the only cost to take into account. You will need to readjust to living your life on only one income.
Do not make the mistake of overlooking preparations for managing finances post-divorce. While Illinois judges can examine each divorce on a case-by-case basis, maintenance and other benefits may not be enough to support you.
Overlooking key details
When divorces turn messy, the process can feel long and grueling. But taking the time to lay details out and provide paperwork will save you in the long run.
Illinois has strict rules governing property division. Failing to produce an accurate picture can have severe consequences. If you are required to show tax records, account statements and other documents and you refuse, hide them or fail to produce them, a judge is likely to rule against you.
Improper valuation of debts and assets on either you or your spouse’s side results in unforeseen financial impact for years to come. Legal advice from a divorce attorney experienced in property division may help you ensure your long-term financial stability—don’t neglect this aspect of your divorce!