The end goal of the divorce process is to successfully bring a legal end to a marriage. In reality, divorcing couples in Illinois can benefit from focusing not just on finally reaching a divorce settlement, but on what might happen afterwards. All too often, divorcing couples ignore the future and the impact that their settlement might have on it.
Although it might not feel like it at the time, there is life after divorce. While consideration does need to be given to the moment, both parties should be aware of how their current decisions will affect the future. This is especially important during property division where assets like houses, investments and even child custody are all addressed.
Houses represent long-term investments that might be less feasible with one less person on the mortgage. Not only is there upkeep to consider, but keeping a marital home usually means refinancing, which is not always possible or favorable. Additionally, certain investments might be prone to depreciation over time and can only be liquidated or sold with a heavy tax attached.
Decisions made during a divorce can and do affect the future. Ignoring the possible future outcome of an education or employment opportunity would be unthinkable to most people in Illinois, and yet many divorcing couples continue to focus mostly on the situation at hand. Before committing to any settlement or agreement, both parties should give careful consideration to the terms and what role they might play in their future financial situation.
Source: Forbes, “The 5 Biggest Divorce Mistakes“, Larry Light, July 16, 2015