Unfortunately, people often make mistakes when negotiating their divorce settlements. Advice about post-divorce finances could help spouses in Illinois avoid money problems after the end of a marriage. People should focus on the future and the possibility of unforeseen life changes.
For example, former spouses sometimes assume that their financial status quo will continue for years. Financial decisions, such as agreeing to pay for a child’s college based on a current salary, could unravel if the parent loses a job or suffers a disabling injury. In that situation, the money would not be present, and an obligation to pay tuition might become impossible.
Additionally, people often hope to preserve their marital lifestyles, especially for their children. However, it’s difficult for a single person to sustain the spending made possible by a two-income household. One should avoid spending money on children out of guilt. Instead, it’s wiser to make spending decisions based on meeting a family’s needs for the next five years.
Many divorce mistakes stem from financial illiteracy. However, most people learn about money by making mistakes. Although people can seek out financial advice when getting a divorce, they should be willing to educate themselves as much as possible.
Legal advice might also serve a person confronted by the end of a marriage. Information about family law could help a future ex understand parental rights and how spousal or child support might be calculated. An attorney could represent a client during negotiations with the ex-spouse to develop an equitable settlement. When necessary, an attorney could also strive to protect the client’s interests in court.