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

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Aurora divorce attorney finances

As much as marriage is an emotional and cultural bond, it is also very much a legal and financial partnership. When you are married, as far as the state of Illinois is concerned, what is yours is also your spouse’s, and vice versa. Although keeping finances completely separate is not impossible during a marriage, it is somewhat rare. When you get a divorce, untangling your finances can be a huge headache for both you and your spouse. For some people, divorce can even be the beginning of financial downfall -- but it does not have to be. Below are a few tips you can follow to help yourself maintain a sense of financial stability during and after your Illinois divorce.

Create a Post-Divorce Budget and Manage Your Expenses

One of the first things you should do is create a rudimentary budget to use after your divorce. If you are still early in the divorce process, you may not know exactly what all of your expenses or income will be after your divorce, but you do know that you should expect some changes. Keep in mind that you will have to budget for one income only, and you will probably have to determine new living expenses. This is also a good time to look at your spending habits and see where you can cut back. 

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tax refund, Aurora divorce attorneyIf you completed the process of divorce last year, filing your income taxes this year has probably raised a number of questions. (If you have not yet filed, the deadline for personal income tax returns is fast approaching. Presuming your divorce finalized on or before December 31, 2016, you almost certainly filed this year’s taxes as a single filer. Many single filers still end up receiving a refund for overpaid taxes, but if you have recently divorced, you may not be entitled to keep your entire refund for yourself.

A Tax Refund Is Not New Income

In an Illinois divorce proceeding, a couple’s marital property must be divided equitably between the spouses. Marital property, in general, refers to all assets and debts acquired by each spouse during the marriage, with a few limited exceptions. All other property, including that acquired before the marriage or after the divorce finalizes, is considered non-marital or separate property.

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finances, divorce, Illinois divorce attorney Divorce involves more than the dissolution of a marriage. It is a complex legal process, and many couples will experience financial hurdles on their way out of the relationship.

Deciding to divorce is a serious consideration, and protecting your financial interests requires careful planning. One of your first steps should be calling a divorce attorney for advice. Your lawyer will likely look to find out:

  •         Whether or not there was a prenuptial agreement;
  •         If you and your spouse have children; and
  •         The income, assets, and deb of you and your spouse make.

Under Illinois law, these factors—and many others—may affect your strategy for securing your financial future. Because this is such an intricate process, hiring a divorce attorney may ultimately save you money over the long term.

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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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