Zuba & Associates, P.C.

Avoiding potentially costly mistakes in a divorce

There are several mistakes that Illinois couples who are getting divorced often make. One common mistake is sharing too much on social media. Posting pictures from a vacation or bragging about a business deal may result in leverage for the other person to obtain a larger settlement. Another common mistake is failing to close joint accounts after a divorce is official.

Creditors can come after both people on a credit card or other account regardless of who is responsible for paying a debt in the divorce decree. This is because the creditor is not bound by the terms of anything other than the agreement reached with a debtor or debtors.

On average, couples spent $15,500 to get a divorce in 2015, and that number was higher if a couple had children. The cost of a divorce was also higher if the case went to trial. When crafting a divorce settlement, the tax implications of an agreement should be thought of before it is signed. This may be even more important now that the tax treatment of alimony has changed.

Individuals who are getting divorced may benefit from speaking with a family law attorney. This may allow a person to learn more about how to receive spousal support or the tax implications of selling a marital home. An attorney may also review a prenuptial agreement or any other agreement a couple may have had prior to a divorce. This may result in a settlement being reached in a timely manner, which may help individuals save money on legal fees and other costs.

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Zuba & Associates, P.C

Firm Location:

6067 Strathmoor Drive
Rockford, IL 61107

Phone: 815-397-7000
Fax: 815-397-1834
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