Financial Mistakes That You Should Avoid in Your Divorce

Financial Mistakes That You Should Avoid in Your Divorce

Going through divorce represents one of the most stressful experiences in your life. In addition to the emotional impacts, there are serious financial considerations, as well. Our experienced Illinois divorce attorney fights to ensure you are protected throughout the process. The following are common financial mistakes in divorce to avoid.   

Get Professional Legal Representation to Protect Yourself Financially in a Divorce

One of the biggest financial mistakes you can make when filing for divorce is not getting experienced legal representation. Regardless of the length of time you have been married, the amount of property and assets you and your spouse possess, or other circumstances surrounding your breakup, you need someone with experience in these matters on your side. 

Our Illinois divorce attorney can protect your rights, advise you on how the Illinois Marriage and Dissolution of Marriage Act apply in your case, and fight to get you the best possible settlement or final court order. Important areas we address that could impact your financial security for years to come include: 

• Marital property division: Under state law, you are entitled to a fair share of all property and assets accumulated during your marriage. This includes homes, cars, personal belongings, shares in a business, money in financial accounts, and retirement benefits. 
• Spousal support: If you make significantly less than your spouse or if you sacrificed your career for the sake of your marriage, you may be entitled to spousal support payments. 
• Child support: If you have children, we can help you get child support and make sure the amounts ordered are paid. 

Protecting Yourself Financial During a Divorce

Having an experienced Illinois divorce attorney represent you in Cook County Family Court hearings is an important first step in protecting yourself financially. Financial mistakes you should take care to avoid during the process include the following: 

• Not making a complete inventory of all marital property and assets: This can directly impact your rights in a settlement. 
• Attempting to negotiate with your spouse on your own: To protect yourself, make sure any correspondence is through your attorney. 
• Not disclosing marital misconduct: Behavior such as adultery or addictions on the part of either spouse could impact your rights in a settlement;
• Not considering all retirement benefits: In addition to pensions and 401k accounts, you may also be entitled to a portion of your spouse’s Social Security retirement benefits;
• Not establishing credit or addressing marital debt: It is important to begin establishing individual credit prior to filing a divorce. You also need to disclose all marital debts to your attorney so that they can be addressed in your divorce proceedings. 

Reach Out to Our Illinois Divorce Attorneys

To avoid financial mistakes in a divorce and obtain the best possible settlement, reach out to our Illinois divorce attorneys at Andrea Heckman Law. We provide the caring support and professional legal representation you need throughout the divorce process. Call or contact our office online and request a consultation today.