The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

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Kane County divorce attorney asset division

When you and your spouse make the decision that it is time for you to get a divorce, you will then have to decide how you want to go about obtaining a divorce. In most situations, both you and your spouse will each hire your own divorce attorneys to provide you with legal advice and help you negotiate a fair divorce settlement. Getting a divorce could likely be one of the most significant financial events of your life because the decisions that you make during your divorce could end up impacting your life for years to come. While your divorce lawyer can help you determine an equitable settlement, they may recommend that you hire a certified divorce financial analyst (CDFA) to ensure you understand the entire financial implications of your divorce.

What Is a CDFA?

A CDFA is a professional who helps both the divorcee and the divorcee’s attorney understand how certain financial decisions made during the divorce would affect the divorcee’s financial health in the future. A CDFA is typically someone who has a background in financial planning, accounting, or legal background, but to become a certified CDFA, he or she must undergo extensive training. A CDFA may also:

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Illinois divorce attorney, Illinois family lawyer, Illinois child custody lawyer,When you hear people talking about divorce, they are probably talking about one of three things: how it affects you emotionally, how it affects your children, or how financially debilitating it can be. Marital life typically means that all of your finances and assets are entwined with each other, making it a difficult and stressful time for you when you go to separate them. Divorce can leave you with a sad bank account, a less-than-favorable credit score and thoughts about how you will pay bills alone. Although these issues can weigh on you, there are things you can do to help yourself after your divorce.

Educate Yourself

Before you begin creating a plan of attack for your finances, you have to know what you are working with. One of the first things you need to do is to take stock of all of your assets and debts and determine what is now yours. Divorce means you will be splitting all of these things, though not necessarily equally, but equitably. Figure out what you are working with and then go from there.

Create a Budget

Next, create a budget of what you need to spend and save each month. List out all of your monthly expenses such as rent, health insurance, utilities, credit card payments or other bills. Then figure out how much you can afford to save each month. Even a little bit at a time can add up eventually. Creating a budget can help you get into the swing of managing your finances after your divorce.

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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