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The overlooked financial ramifications of divorce

On Behalf of | Apr 1, 2020 | Family Law

When a marriage comes to an end, individuals may expect to experience a variety of emotions. However, they may not necessarily be ready for the financial fallout of a divorce. For instance, single individuals in Illinois amight have to get a job in an effort to pay rent, insurance premiums and other costs associated with living alone. In many cases, women have a harder time than men do when it comes to finding work or making the transition into the workforce.

Those who didn’t play an active role in managing a household’s finances may be surprised at the amount of joint debt that was accrued during the marriage. It is possible that both parties to a marriage will be required to pay a portion of credit card or other debt balances in a divorce settlement. There is a good chance that the marital home will need to be sold in the event that a marriage ends.

This is because a single person may not have the financial resources to make mortgage payments as well as maintain the home. Individuals may underestimate the amount of money that they will spend on the divorce itself. Court costs, legal fees and other fees can easily total thousands of dollars or more, and those who have children are likely to pay more to dissolve their marriages.

People who are looking to avoid surprises during the divorce process may want to talk with family law attorneys. Doing so may allow them to obtain insight into how to appraise a marital home or how to determine which assets may be the most valuable to ask for.