4 Tips for Recovering Financially After Your Illinois Divorce

 Posted on October 21, 2020 in Illinois Divorce

Although Illinois courts will do everything possible to ensure a fair and equitable resolution to a divorce, your finances will always be affected to some degree when marital assets are divided between you and your spouse. As you prepare to move forward with your life as a single person, it is important to make a plan to recover financially and ensure that you can support yourself and your children well into the future.

Strategies for Achieving Financial Stability

Securing your financial situation can start before your divorce and continue throughout the rest of your life. The approach you take may depend on whether or not you have any children. Some helpful suggestions include:

1. Prepare for the divorce process: Before you even begin the legal process of getting a divorce, you can plan for your financial future by taking stock of any non-marital assets that you may own and identifying your priorities regarding the division of marital property and spousal support. This is especially important when there is an imbalance in income between you and your spouse. Hiring an attorney can help you work toward your desired outcome. If you and your spouse have children, child support will be determined based on each parent’s net income in Illinois

2. Create a budget: As you begin life on your own after your divorce, you should take the time to create a budget that accounts for your monthly income and expenses. This can help you identify areas in which you need to reduce costs to ensure that you have enough money for necessities, such as rent or mortgage, food, and clothing.

3. Set reasonable goals: Along with your budget, it is a good idea to establish financial goals for yourself. These could include paying off a debt by a certain date, saving a certain amount of money each month or year, or building up to an important purchase like a new home or vehicle.

4. Increase your earning potential: Re-evaluating your career goals and marketable skills is also important after a divorce, especially if you previously relied on your spouse’s income or did not work outside of the home for a significant length of time in order to raise kids. You may find that you are able to obtain a quality job and salary based on your current education and skill set, or you may decide to start taking classes to learn new skills that can help you increase your income.

Contact a St. Charles Divorce Attorney

At Weiler & Associates, Inc., we are committed to helping you live the life you want after your divorce. We will stand up for your interests throughout the divorce process to ensure that you have the resources you need through the division of assets, spousal support, and child support, and we can also refer you to financial professionals who can help you plan for a secure future. Call our accomplished Kane County divorce lawyers today at 630-331-9110 to schedule a private consultation.

Sources:

https://www.usatoday.com/story/money/personalfinance/lifestages/2017/05/25/divorce-wiped-me-out-financially-heres-how-bounced-back/102047912/

https://www.fool.com/the-ascent/banks/articles/struggling-financially-after-divorce-heres-what-to-do/