When it comes to divorce, the planning you do now can greatly impact your future. This is especially true in complex, high net worth divorces where the earning potential or assets of one party is significantly impaired. If you are a dependent spouse and about to embark on a divorce, know how to protect yourself against a financial hardship through proper and effective divorce planning.

Gather Your Information Now

Oftentimes, dependent spouses are left out of the loop regarding marital finances. Take control now by searching for documents, bank statements, and other relative information that can help you gain an understanding of your marital assets. If possible, make copies of these documents and keep them in a safe place outside of your home, preferably with your divorce attorney. Such documents have a habit of disappearing once a divorce ensues.

Know Your Legal Rights

In the state of Illinois, marital assets are to be divided equitably between both parties. If you are a dependent spouse and the assets of your divorce are high in net worth, this could entitle you to a settlement and possibly even temporary spousal support. If you have minor children and you receive the bulk share of parenting time in your allocation of parental responsibilities, you may also be due child support in your divorce settlement. Your attorney can help you understand your rights, and how the law may apply in your particular situation.

Weigh Your Wants against Tax Implications

At the start of a divorce, it is advisable that you consider what you want the outcome to be once it is all over. Of course, you may not receive everything you want, but this does provide you with a benchmark for you to work from. Once you have compiled a list of these items, it is time to reconsider them to determine if they are truly reasonable wants for the new lifestyle that you are about to experience. For example, you may want to keep your home after the divorce, but can you reasonably afford the property tax, mortgage, and upkeep? If the answer is no, then it is likely an unreasonable and poor decision to request it in your divorce settlement.

Plan for Today and Beyond

While your immediate needs should certainly take precedence in your divorce, you should also consider your future. How will you ensure you do not experience a financial hardship once maintenance payments have been terminated? What about your retirement? Do you have an option for health insurance? Can you possibly advance your career or education to improve your earnings? All of this, and more, should be considered to help you plan for tomorrow, and well into the future.

Skilled and experienced, our knowledgeable DuPage County divorce lawyers can help you consider all the aspects of your complex divorce, including the division of assets and your eligibility for alimony or child support. We can also help you to examine your wants and needs for today, and for the future. Get started today by contacting Mulyk Laho Law, LLC for your free initial consultation. Call our offices at 630-852-1100.

Sources:

http://www.chicagotribune.com/business/sns-201602242000–tms–retiresmctnrs-a20160224-20160224-story.html

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000