Sound Advice - Compassionate Counsel - Free Initial Consultation
309-481-2431
Essig Law Office

Manage your finances successfully during and after a divorce

Divorce can be emotional, but it also can take a serious financial toll. It is important to understand the financial impact divorce will have both now and in the future. This includes considerations related to property division, tax ramifications, support payments, retirement accounts and budget adjustments.

Although it may seem complex and overwhelming, don't get discouraged. Through solid planning, you can work toward successfully managing your finances during and after a divorce.

Below are steps to help you achieve financial success before and after a divorce:

  • Carefully select legal representation - Choose a divorce lawyer who is knowledgeable about financial matters, experienced with property division and skilled with divorce negotiations.
  • Inventory assets and liabilities - Gather documentation for your income, expenses, assets and debts, including bank account statements, retirement account information and real estate documents.
  • Consider tax ramifications - During property division, keep in mind that some property may include taxable gains or be subject to future income tax while others are tax-free.
  • Check credit reports - Pull at least one credit report for you and, if possible, for your spouse to check for debts or liens you may not know exist.
  • Update beneficiary information - Review retirement plans, life insurance policies and estate planning documents and, if necessary, change your intended beneficiaries.
  • Safeguard child support and alimony - If possible, work to ensure that future support payments will continue if your ex-spouse dies or becomes disabled.
  • Adjust to a reduced income - Know your adjusted household income and cash flow, manage credit card debt and live within your means.
  • Create and manage a budget - Understand your monthly expenses and pay bills in a timely manner. Create a budget to help balance income and expenses.

No Comments

Leave a comment
Comment Information

Our Testimonials

  1. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  2. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  3. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  4. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

Email Us For A Response

We Can Resolve Your Legal Issue

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Essig Law Office

Washington Office 135 Washington Square Washington, IL 61571 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions

Roanoke Office 313 N. Main Street Roanoke, IL 61561 Phone: 309-481-2431 Fax: 309-444-1916 Map & Directions