News + Insights
Gaining Financial Skills Important When Preparing for Divorce
By: Feinberg Sharma / June 29, 2016
Most married people in Illinois don’t want to think about the possibility of divorce. Since a large percentage of marriages will eventually end, however, it may be wise for spouses to develop good financial skills.
Individuals should think ahead to their retirement, and both spouses should increase their individual contributions to their plans if they are able to do so. As people get older and their incomes increase, they should continue contributing more to their retirement accounts. This may help to ensure that a person will be able to retire on time even if the marriage ends in divorce.
It is also important for both spouses to develop other financial skills. These include the ability to balance a checkbook, budget money and pay bills. In many divorces, one spouse will be much more financially prepared than the other. People who take the time to learn and implement good financial decisions may be better prepared to deal with the financial impact that a divorce can bring.
If a couple has been married for a number of years, they may have finances that are intermingled. Over time, they may also have accumulated numerous assets, including real property, retirement accounts, stocks, bonds or businesses. The property division of a high-asset divorce can be very complicated. When a person is considering filing for divorce, they may want to get assistance from a family law attorney. A lawyer might be able to locate assets that the other spouse is attempting to hide. The attorney may also be able to work out a property settlement agreement that protects a client.