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Financial planning in divorce planning is unique to each person

People search for all types of advice on the internet. Any Illinois resident who is in the throes of a divorce has likely resorted to Google for advice and found that most sources are generic and typically focus on women and the financial planning they need to do. However, financial planning in a divorce is for all, not only women, and the circumstances of each are unique. For most people, the first area to look at is a post-divorce budget.

After the divorce is finalized, each spouse will have expenses related to keeping a house or apartment, and there might be debts, car payments and more to pay. Future needs such as retirement, college funds and vacations might have to be included in their respective budgets. One may have to pay child support and alimony, and that will have to be worked into the budget -- keeping the tax implications in mind.

Both parties may also want to secure professional help with investment planning and determining their risk tolerance. Investing as a divorced person will likely be much different from the methods used while married. Planning and updating documents is another matter to address. Beneficiaries of insurance policies and retirement funds will need changing, and wills changed. In fact, drafting a new will might be the way to go, including designations for guardianship of minor children in specified circumstances.

These tasks are in addition to other important decisions about property division and child-related matters, and it can all become overwhelming. Fortunately, with the support and guidance of an experienced Illinois divorce attorney, issues can be addressed one by one as they relate to the unique situation of the client. A lawyer can provide valuable input and advice, and he or she will likely have resources like financial, tax, real estate and other advisers to assist with making and implementing a plan to achieve post-divorce financial stability.

Source: cnbc.com, "Financial planning for divorce -- it's not just for women", Beth Lynch, Accessed on Oct. 27, 2017

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Courtney, Clark & Mejias, P.C.
104 South Charles Street
Belleville, IL 62220

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