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Illinois divorce lawyer, Illinois family attorneyRegardless of where you stand with money matters throughout the course of your marriage, the moment your relationship comes to an end, your financial security can change drastically, in a short period of time. Whether you have been accustomed to a very comfortable life or have always struggled to make ends meet, the moment you undergo divorce, your financial well-being is exposed to a number of risks, and many of those risks have the potential to affect your bank account and the overall quality of your life for many years to come.

Thinking Ahead

Many individuals are able to prepare for the financial implications of divorce well ahead of time, months before they even begin divorce proceedings. Others are left scrambling at the last minute or after the split to figure out how to put the pieces together and provide for themselves. Whatever your divorce circumstances, planning is key. Here are some ways you can take steps toward successfully standing on your own feet once your marriage is over:

1.Explore potential maintenance options - Once referred to as alimony, maintenance is a form of spousal support that requires the spouse who earns the larger income to provide payments to the other spouse. In the state of Illinois, not all lesser-earning spouses are guaranteed maintenance, and granted maintenance is usually temporary, but it is important to at least speak with an attorney to inquire about your potential options for receiving payments to ensure you aren’t missing out on funds that could help you provide for yourself. The court will look at a number of different factors when deciding whether or not to award maintenance payments, so do not rule out pursuing a maintenance order until you get all the facts.

2. Create a financial snapshot - In order to know where you stand before and after your divorce, it is essential to create a general snapshot of your finances. This means gathering as many details as possible and assembling lists of any and all debts, assets, and newly opened accounts. You will need a clear picture of what you owe versus the income you will bring in on your own, without your spouse, in order to sit down with a financial planner and create a new budget for your post-divorce lifestyle.

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b2ap3_thumbnail_money-issues.jpgMultiple studies conducted by various experts, over many decades, have revealed the sad truth that serious financial trouble is an overwhelming predictor for separation and divorce for couples around the globe. The American Psychological Association (APA) reports a number of studies that have proven the stress brought on by financial struggle can cause even the strongest relationships to fall apart, making it crucial for everyone, regardless of their income level or line of work, to address their money management habits early on in a marriage.

Clashing Money Management Styles

Looking at the way you and your spouse spend, save, and budget money before the marriage and in the early stages of your union can make a significant difference in how well your relationship fares over time. This is especially important when you and your spouse experience additional stressors throughout the course of your marriage, adding more pressure to the existing tension. Such issues can increase the number of arguments between you and your spouse, and ultimately affect the longevity of your relationship.

Financial tension between a couple typically begins when each spouse manages money differently, particularly when poor spending habits are present. This can include consistent loans and high revolving lines of credit, or simply a penchant for expensive things that are not affordable, given an individual’s income. When one partner’s monthly debt is higher than the amount they take home each month, these problems eventually rise to the surface during the marriage and continue to be a source of conflict over time.

Preventing Financial Stress from Wreaking Havoc on Your Marriage

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