Some considerations re financial management following divorce

On Behalf of | Feb 17, 2018 | divorce, Firm News

Getting to that “OK, we’re done here” moment for many couples in an Illinois divorce takes considerable effort, especially when it comes to reaching agreement on key financial matters.

It is far from rare for divorcing parties to face real obstacles en route to consensus in contentious decouplings focused sharply on complex assets and their equitable distribution. An author and contributor to Forbes notes in a recent article penned for that publication that “the process can take months, or even years.”

It thus stands to reason, notes Jeff Landers, that there will likely be lingering issues related to money that will persist following dissolution, even if they were seemingly worked out in pre-divorce negotiations.

Support — both spousal maintenance (alimony) and payment arrangements involving children — might readily come to mind for some readers. Circumstances are virtually guaranteed to change over time for most families, making a revisiting of an existing understanding sometimes necessary. Occasionally, too, an ex-partner with responsibilities fails to carry them out and needs to be reminded by a court of his or her duties.

Lots of other things can additionally arise, as well. There can be post-divorce issues relevant to the marital home, and disagreements over parenting. Some divorced individuals need to focus on estate matters requiring changes concerning a one-time-partner’s inheritance and/or beneficiary rights. Issues involving savings accounts, credit cards and loans sometime continue to occur following dissolution because they weren’t fully considered during divorce negotiations.

Landers notes that lingering issues make it understandable why many individuals continue to communicate with a trusted legal advocate following their divorce. He states that “it’s quite likely you will still need to keep your attorney close at hand to work through the practical details” of your divorce agreement.