Courtney ∙ Clark Law, P.C.Courtney ∙ Clark Law, P.C.
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Divorce: Financial stumbling blocks during separation

Ending a marriage will always be a costly process -- not only emotionally but also financially. Advisers suggest Illinois residents who are considering divorce prepare themselves for the financial consequences of such steps. Both parties will be affected, regardless of whether they have a prenuptial agreement.

While a couple is married, they share one residence along with one set of bills for utilities, groceries, transport, mortgage and living expenses. However, from the moment they separate, the same income must cover two homes or apartments, each with all the costs that come along with it. Furthermore, if there are children, both parents will have to cater for the needs of the children at their homes.

While assets acquired during the marriage are typically divided, couples will also have to be prepared to lose half of the assets that could have been personal property if it had not been commingled. They might have known not to deposit an inheritance into their joint bank account. However, if even a portion of one spouse's inheritance was used to renovate the family home or another expense from which both spouses benefited, it might have become marital property and, therefore, part of the property division process.

These are but some of the financial consequences that may arise form an Illinois divorce. Although an attorney can help navigate a divorce in a way that could ensure post-divorce financial stability, it might be wise to discuss one's financial needs for the period of separation and before the final divorce decree is issued. It can take many months to finalize a divorce, and the expenses during that time can be overwhelming. An experienced divorce lawyer can assist with the drafting of a separation agreement that could protect the interests of both parties.

Source: savingadvice.com, "The Financial Consequences of Divorce", Jackie Cohen, Jan. 30, 2018

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

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