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What may your finances look like after an Illinois divorce?

Unless you will be getting a 30 percent raise anytime soon, you will more than likely be facing a different financial landscape now that your marriage has ended. As you work through the issues involved in your Illinois divorce, you may benefit from a thorough review of your current financial situation versus what it will be post-divorce. You may need to ask yourself numerous questions before you begin making requests regarding property division and support issues.

Do you know what assets and liabilities you and your spouse share? Do you have any separate property with which you will walk away from the marriage? Will you be paying child support or alimony or receiving it? The answers to these questions may shape your negotiations with your soon-to-be former spouse.

If you will be paying child support, alimony or both, you may want to automatically deduct that amount off the top of your budget. The failure to pay child support here in Illinois in particular could land you in a great deal of trouble, not to mention that it helps to support your children. The other assets that you receive in the divorce may help make up for any deficiencies in your income. If you are receiving alimony or child support, it may not be a good idea to rely on it for income since nearly half of those ordered to pay it do not.

Getting a divorce changes your life in nearly every way possible, but it particularly affects your finances. Taking an unbiased look at what comprises the marital estate and what you can do with your resources after the divorce could help you decide what assets are worth fighting for and which would only be a drain on your budget. It is possible to walk away with some financial security if you take the time and make the effort.

Source: thebalance.com, "How to Deal with the Financial Impacts of Divorce", Deborah Fowles, Accessed on Aug. 27, 2017

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