Courtney ∙ Clark Law, P.C.Courtney ∙ Clark Law, P.C.
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Financial considerations during a divorce

When embarking upon a divorce or even when initially contemplating the end of a marriage, Illinois spouses should work hard to put emotions aside and focus on some concrete financial realities. Not doing this can end up costing them in the long run so taking the time at the front end of the process can be worth a lot.

One thing that people should think about and even work with experts on is a full view of their estate and financial picture. This should include not only a valuation of assets but also of liabilities. Additionally, it is important that the current value of assets not be the only value considered. A future view of what specific items may be worth down the road is essential. Some assets may have high values now but some pretty serious tax consequences later on that change the view of what is a good asset to keep or to let the other spouse have.

Also important to remember is that whenever a divorce is done, a person's tax filing status for that entire calendar year will be impacted. Someone could be legally married for 11 and a half months  out of the year but end up being forced to file a single tax return at a higher tax rate. In some cases, waiting to file for divorce until January may be beneficial. For others, filing before the end of a year may be the best option.

People who are getting divorced might find it useful to talk with an attorney to learn how they can best assess these and other things so as to minimize their losses during this difficult time.

Source: The Street, "Divorce Tax Tips to Make Your Split Less of a Financial Burden," Tracey Byrnes, Jan. 27, 2017

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Courtney ∙ Clark Law, P.C.
104 South Charles Street
Belleville, IL 62220

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Phone: 618-207-3458
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