Using a Lifestyle Analysis in an Illinois Divorce

 Posted on December 00, 0000 in Divorce Finances

One of the biggest questions people have when they begin the divorce process is how it will affect their finances. Many people forget how interwoven their lives become with their spouse’s lives until they go to separate them. Especially when it comes to your finances, things can become confusing and stressful. The decisions you make during your divorce will affect you for many years to come, if not the rest of your life. One of the ways you can ensure your finances are taken care of and your assets are distributed correctly is by having a lifestyle analysis prepared.

What Is a Lifestyle Analysis?

Simply put, a lifestyle analysis creates the basis for what your standard of living was during the marriage. It is basically the complete financial picture of the most recent years of your marriage. Your lifestyle analysis will include:

• The kind of living expenses that you and your spouse had;
• The spending habits you and your spouse had;
• All of your financial statements, such as credit card and bank account statements;
• Tax returns from your marriage and business tax returns, if applicable;
• Any recurring expenses, such as clothing, travel or entertainment;
• Your credit report; and
• Any discrepancies your financial records may have with one another.

The Importance of a Lifestyle Analysis

Your lifestyle analysis is your complete financial picture of your life during your marriage for the past couple of years. Many times, courts will base multiple decisions off of the standard of living you enjoyed while you were married - the lifestyle analysis establishes that. An accurate lifestyle analysis can ensure that you get the portion of your marital assets that you are entitled to and it can also help establish a need for spousal or child support.

Contact a DuPage County Divorce Attorney Today

It is always a good idea to have a lifestyle analysis completed when you are getting a divorce. Your financial situation is the basis for many divorce decisions, so being able to prove to the court the kind of life you had while you were married is important. An Aurora, IL divorce lawyer can help you make sure that your finances are divided equitably and that you are getting what you deserve. Contact the Law Offices of Matthew M. Williams, P.C. to begin discussing your case. To schedule a consultation, call the office at 630-409-8184.

Source:

https://www.forbes.com/sites/jefflanders/2012/02/14/why-a-lifestyle-analysis-is-so-critically-important-for-divorcing-women/#17b7486d493e