A few considerations regarding financial matters during divorce

On Behalf of | Jun 5, 2018 | divorce, Firm News

Money, money, money.

Talk about a constant, well, … there it is.

Many of our readers across Illinois might find it frankly amazing how conversation in widely varied contexts so often steers invariably toward finances.

But then again, it’s really not so surprising, is it?

After all, money is unquestionably important. Nearly all of us depend heavily on our jobs and earned income to secure life’s necessities, and having money readily at hand is essential to achieve that goal.

Divorce naturally elevates financial concerns for most affected parties. A recent national news article on key money-related considerations during the dissolution process duly notes that, “In addition to the emotional turmoil a divorce can cause in a person’s life, it can also cause a lot of financial upheaval.”

The reasons why are many, of course. Two incomes often become one following a divorce. Home relocation is often an imperative for one or both parties in a divorce. Credit scores and history often take a ding — luckily only temporarily in many instances — following a marital split. Complexities can arise concerning insurance policies, credits/deductions and other tax matters, the closing and opening of new accounts, and so forth.

In short, a lot of what has long been taken for granted and running smoothly on autopilot sudden ceases to be relevant and urgently requires a material update and some fine-tuning.

Here’s something comfortable to note for newly divorcing parties worried about unraveling finances: legions of other individuals have dealt with similar challenges and successfully worked their way through obstacles.

A proven family law attorney can help with that, and often does routinely in the course of diligent client representation. That likely underscores why the above-cited national news piece recommends close counsel and appropriate referrals from an experienced legal advocate for any divorcing party with money-related questions or concerns.