Divorce, Finances and Children
A divorce may be a relief to some and a nightmare for others. However, during the process, spouses who don’t have children may not go through as much pain as those who are parents. Besides the emotional pain, deciding how assets will be divided and how much child support should be allocated can take a physical and mental toll on the entire family.
The good news is financial ruin can be prevented if you avoid these money mistakes during and after the divorce proceedings:
Maintain a strict budget – Whether you become the sole breadwinner or live alone with kids, after your divorce, you may not have enough money to pay your bills on time or purchase enough groceries.
However, this will only be the case if you spend your money carelessly. Prevent this from happening by maintaining a strict budget. Include necessities such as groceries, rent, mortgage, utilities etc. Compare your income with regular expenditures and make changes where necessary.
Don’t Splurge– Shopping can seem therapeutic, but during your divorce proceedings, you may end up spending too much in order to blow off some steam. This is not the time to buy a new Louis Vuitton purse or expensive golf clubs,
Besides eating away at your funds, spending money on physical assets may turn the tide against you during your divorce proceedings. Not only will you not have enough to support yourself and your children later on, those purchases may be seen as marital property and subject to division.
If you are awarded spousal maintenance and child support payments, that money may not be enough for you to make ends meet. If you have marital property, you will only get half of its value because you will have to split it with your spouse. The court decided what category that property falls under. In any case, do not want to risk financial ruin during your divorce. Adhering to a few simple budgeting tips and precautions can prevent you from going in the red.
If you are in search of a divorce attorney in Schaumburg, IL who can represent you aggressively in and out of court, get in touch with the Law Office of Fedor Kozlov. Our attorneys have years of experience – not only representing clients in court, but also giving them sound legal advice, helping them maximize their settlement. Get in touch with us to discuss all of your legal options and book a consultation today.