Divorce may cause many financial surprises

Divorce may cause many financial surprises

48427331_s.jpgFor Illinois residents and others throughout the country, a divorce is an emotional event. It can also have a significant impact on a person’s finances. This can be especially true for those who didn’t keep track of how much debt their households accrued during a marriage. It isn’t uncommon for both parties to a marriage to be responsible for paying off a portion of any debt that was accrued before the divorce.

Some of this debt could include loans taken against retirement accounts, a mortgage or a credit card balance. Individuals who made less than their spouses may not truly understand how much they are entitled to when it comes to alimony or child support. They may also not understand that the marital home will likely need to be sold after the divorce is finalized. While a person has a right to seek ownership of a home or other property, it may not be financially feasible to do so.

During the divorce process, many costs need to be taken into consideration. For instance, an individual will likely need to pay for a lawyer in addition to court costs or mediation fees. After the divorce is finalized, an individual will likely need to pay for his or her own health insurance as well as cover other living expenses on his or her own.

The end of a marriage may result in a multitude of issues that may need to be resolved. For instance, it may be necessary to divide marital property or determine who gets custody of the kids. It may also be necessary to determine if either party is entitled to spousal support or child support. An attorney may help an individual learn more about his or her rights during the divorce settlement process and how to protect them.

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