Divorce is certainly an emotionally difficult process, and divorcees should do all that they can to ensure they have adequate support throughout the process. Yet the recovery from this aspect of divorce is often less difficult than the financial recovery. In fact, one study suggests it could take 5 years or longer for some to fully recover from the financial repercussions of divorce. Thankfully, it is possible to mitigate this risk. The following information explains further.
Choose Your Assets with Care
All too often, divorcees let emotion override reason, and that can place one or both parties at serious financial risk in the years to come. This is particularly true when it comes to choosing assets - namely assets that carry both emotional ties and significant financial implications, such as the family home. Avoid making this common mistake by critically assessing your situation. If you take the house, can you truly afford the payments, taxes, and upkeep? Or would you be better served by selling the asset and then taking a monetary settlement?
Another important issue to watch for is any that may result in tax consequences. For example, if you and your spouse are splitting a retirement account, it is critical that you seek assistance with the division process. Doing so incorrectly can result in a significant depletion of resources. Also recognize that your tax exemptions will change upon divorce, and that can make a major difference in your tax obligation on any assets you receive during the divorce.
Obtain Insurance on Support Payments
If you expect to receive any form of support payments, it is critical that you obtain insurance on them. This can help you avoid any unexpected losses later on down the road, should your ex-spouse suddenly pass away. Further, it can provide you with additional peace of mind, which can go a long way in reducing your stress levels after the divorce is over.
Get Experienced Assistance with Your Case
Every divorce is unique, and every situation is going to be different, but all should seek experienced legal assistance with a divorce case. This can ensure that your rights are protected, and that legal and financial implications of any decisions you make are fully understood. Additional support from a financial advisor may be needed as well, but a divorce attorney is the first and most critical support system you will need.
At Mevorah & Giglio Law Offices, we understand the weight of your situation, and we can help to protect your financial future. Seasoned and committed, we will carefully analyze your case and ensure you understand your options. In every situation, we pursue the most favorable outcome possible. Learn more about how we can assist with your case by scheduling a free consultation. Call our DuPage County divorce lawyers at 630-932-9100 today.
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