When a separation happens, quite often the lives of both individuals are thrown into disarray. Illinois residents understand what kind of toll an impending divorce can have on the couple affected, not to mention any children they might have. That’s why many experts agree that planning ahead financially for a divorce is such an important part of ensuring the settlement is reached quickly and efficiently.
Having a top-down view of the finances, both of the individuals and of the marital couple, can make a difference in this planning process. Understanding the difference between marital assets and independent assets brought into the relationship or earned after the separation can make the process of asset division less complicated. It may be advisable for each party to begin opening their own separate accounts and closing joint accounts sooner than later.
In addition, planning for future budgets both during the separation and after can be critical in entering single life prepared. Seeking financial planning assistance can benefit both parties. It can be a significant help in creating a sustainable single-income budget, especially where children are concerned. In the end, planning ahead can only help a divorcing couple make the best of their situation.
Divorce is rarely an easy process for anyone involved in it, so it makes sense to smooth the road in any way possible. Illinois residents considering divorce might do well to look to their own pocketbooks and start looking at that top-down picture of their finances. This can help move the divorce process along with a greater degree of efficiency, leading both individuals toward a happier future.
Source: The Huffington Post, “Divorce Confidential: The Importance of Being Financially Savvy During Divorce“, Caroline Choi, April 18, 2014