Avoid These Common Financial Mistakes in Your Illinois Divorce

 Posted on December 00,0000 in Divorce Finances

Everyone knows that divorces are expensive, but they cost a whole lot more than just money -- they also cost you precious time, energy and emotional stress. Money is one of the biggest stressors in both marriage and divorce, which is why divorces can be so tense and combative. There are many complicated decisions you must make during a divorce and a good amount of them revolve around your finances. The decisions that you make about your finances when you get divorced are decisions that will affect you for a good portion of your life. Try to avoid making these four common financial mistakes during your divorce:

Not Having All of You and Your Spouse’s Financial Documents on Hand

Preparation is key when it comes to divorce. You will want to make sure that you have all of you and your spouse’s financial documents before you begin to negotiate who gets what. Make sure you have bank statements, credit card statements, mortgage and loan information and any other relevant financial documents on hand. If you think that your spouse is hiding assets from you, let your lawyer know. They will be able to help you uncover any hidden assets.

Not Getting an Appraisal of Your Assets

Things like houses, cars, other real estate or other assets can change in value. If you are getting a divorce, you need to make sure that you have an accurate valuation of all assets that do not have a specific dollar amount already assigned to them. How can you actually know who is getting what if you do not know how much those items are worth?

Settling Just to Get it Over With

Divorces are exhausting. Not only do you have to keep up with the demands of your daily life, but you now have to devote a certain amount of time and attention to settling your divorce. Do not let your spouse wear you down enough so that you just settle for the first option that seems agreeable. Make sure you are getting your fair share of your marital estate.

Not Hiring a Skilled DuPage County Divorce Lawyer to Help You Through the Divorce

This can be one of the most important mistakes to avoid. Though you may think you can save money by completing your divorce without a lawyer, it is the smartest thing you can do for your divorce. At the Law Office of Matthew M. Williams, P.C., we understand that a divorce is a huge turning point in your life. Our experienced Aurora, IL divorce attorneys can help you make the right financial decisions for your family. Call our office today at 630-409-8184 to schedule a consultation.

Sources:

https://www.forbes.com/sites/davidrae/2018/10/25/divorce-financial-mistakes/#1979fa537eda

https://www.huffpost.com/entry/10-financial-mistakes-to_b_9168010

https://www.rd.com/advice/relationships/money-mistakes-to-avoid-during-a-divorce/