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Financial tips for those going through a divorce

| May 18, 2020 | Uncategorized

Obviously, marriages end for a myriad of reasons. However, one thing that a lot of divorces in Illinois and across the country have in common is that they can be very expensive. Here are a few financial tips that can help reduce the cost of a divorce.

One of the best ways to save money amid a divorce is to use a mediator. This will require talking and being cooperative with an ex-spouse, which may be difficult given the circumstances. However, using a mediator can prevent a lengthy court battle, potentially saving thousands of dollars. Also, it is recommended to review all legal documents like wills, trusts or powers of attorney and make sure the ex-spouse has been removed. Failure to do so could mean giving assets or rights away to the wrong person.

One of the most important things to do during this time is to create a new budget. A divorce can mean going from two incomes down to one. Having budget can help determine what changes need to be made in order to come through a divorce in better financial shape. This can also be a perfect time to review any investments. If possible, get help from a financial advisor and do a deep analysis to make sure investments still meet end goals.

By following these tips, those who are going through a divorce can come through the experience with less economic risk. Illinois residents who find themselves in this situation may want to consider seeking professional assistance. A seasoned attorney can answer questions and help individuals navigate through this trying time.