If you are considering filing for divorce in Champaign, it is essential to be aware of the financial implications of divorce. The more prepared you are, the higher the chances are of a better outcome in your divorce.
One of the most important things to consider is how will you manage financially if you get separated or divorced. The financial aspect of divorce is one of the reasons why couples tend to stay in an unhappy marriage; however, there are ways to plan and ensure that you come out ahead financially. Below are some key points to consider.
What Are Your Plans for Housing?
Have you given some thought to where you will live and how much it will cost you? Are you able to stay in the same state or would you need to move to another state closer to your parents who can help you with taking care of the children?
Calculate Your Monthly Expenses
It is extremely important to calculate your monthly living expenses and determine how much income you have coming in and what will be needed to sustain a similar lifestyle for you and your children.
Do You Have Any Separate Bank Accounts Apart from Your Joint Account with Your Spouse?
Are all your bank accounts joint or did you maintain any separate accounts during your marriage? This will factor into the overall exit plan for ending your marriage.
Are You Currently Employed or Have Some Form of Producing Income for Yourself?
If you have been busy taking care of the children all these years and have been a homemaker, you may now need to consider getting a job to manage financially on your own. Figure out if it makes sense to start looking for a job or starting your own business or if you will be able to financially sustain yourself without a job for a bit.
Determine the Financial Obligations for Your Children and Figure Out Who Will Pay for What?
Your children play a huge part in the issues that need to be resolved when it comes to divorce. Collectively, you should try to come up with a plan with your spouse that you can both agree to. If you can come to an agreement on child support and child custody issues, it will be easier to mediate your divorce and avoid a costly divorce that involves court.
If your children will be going to college soon, it is also important to consider those expenses and determine if your children will qualify for any financial aid or grants and what the remaining balance will entail. Also, it is beneficial to determine who will be paying for the children’s education and how much they are able to contribute.
Contemplating Filing for Divorce in Champaign?
Contact Rincker Law today at (217) 531-2179 to speak to an experienced Champaign divorce mediation attorney who can help you start the process to a smoother divorce.