Courtney ∙ Clark Law, P.C.Courtney ∙ Clark Law, P.C.
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How to avoid making financial errors in the throes of divorce

Admitting that marriage has come to an end might seem like one of the most challenging things to do. However, as many in Illinois might know, getting through the divorce unscathed is an even more significant challenge. Along with matters related to children, financial errors made at this time can have long-term consequences. For that reason, knowing which mistakes to avoid might be a significant advantage. The most important task to prepare for a stable financial future is to develop a financial plan.

A common mistake is falling for retail therapy -- thinking that a new car, cosmetic surgery or a new home will ease the pain. The opposite is true because the debt will no longer be shared, and the impact on that person's credit score might be severe. Choosing to cash in investments is also a short-term solution because the tax consequences when investments are sold could be substantial. Following this route might also jeopardize long-term goals and financial stability.

Fighting to keep the family home without carefully considering all the options is another significant mistake. There could be negative equity making the house worth less than what is owed, or if this not the case, that maintenance costs and mortgage payment might be too much for one person to handle. Some spouses go as far as quitting their jobs to avoid having to pay alimony, and choosing to live without a paycheck might not be beneficial.

Drafting a financial plan and attempting to avoid errors during an emotional time such as a divorce could seem daunting. However, help is available from an experienced Illinois divorce attorney. Along with providing advice on the above issues, the lawyer can answer questions about the new alimony laws, 401(k) distributions, tax matters and more. With the support and guidance of legal counsel, the divorce settlement might indeed be final, allowing a fresh start without baggage from the past.

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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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