How to Keep the Cost of Divorce Down

 Posted on June 10, 2021 in Divorce

When a couple decides to get married, they usually need to plan what type of wedding they will have. Will it be big or small, fancy or simple, expensive or inexpensive? When a couple decides to divorce, there is similar planning that may need to take place. Will the divorce be a costly one, drawn out with lots of disagreements and court hearings or will they be able to keep it fairly simple and inexpensive by working through issues together without the need for litigation?

Financial Issues in Divorce

Getting a divorce is expensive. Not only are there court and attorney fees to contend with, but in many cases, each spouse is going from living in a two-income household to a one-income household. Depending on living arrangements made after the split, at least one of the spouses has moved out of the family home into a new residence and has to purchase new furniture and necessary household items.

While there are expenses that are unavoidable in a divorce, there are also steps the couple can take to help alleviate some of those costs. The most difficult part of these steps is that it involves the couple working together in a cooperative manner, which is understandably not always an easy thing when a marriage is ending.

There are issues that a couple can discuss before the divorce papers are even filed to see if they can come to an agreement on how they should be addressed. These include:

• Parenting time – The most important issue in any divorce where there are children is how parenting time will be divided. Although the marriage did not work out, it is critical for a couple to realize they will still need to co-parent together. Establishing a foundation of cooperation early on makes co-parenting much easier and will help your child adjust to the divorce.

• Property – If you and your spouse own property, a decision will need to be made about how that property will be divided or if the property should be sold and proceeds distributed as part of the divorce settlement. These decisions will also need to be made for any other assets, such as bank accounts, retirement accounts, stocks, etc.

• Health insurance – If one spouse is on the other spouse’s health insurance plan, will that continue after the divorce, and who will be responsible for the cost? The same decision will also need to be made for any children the couple may have.

• Spousal support – Will one spouse pay the other spousal support following the divorce, and if so, how long will this support go on?

• Taxes – The couple will need to decide if they will file their taxes jointly for the year they are splitting up. There will also need to be a decision made about who will take tax deductions for the children moving forward. One option many couples choose is to alternate years.

Let a DuPage County Divorce Attorney Help

If you and your spouse have decided to end your marriage and are able to discuss issues in an agreeable manner, you may want to consider working with a Naperville mediation and collaborative law attorney. Call Pesce Law Group, P.C. today at 630-352-2240 to schedule a free and confidential consultation. Our attorneys have extensive experience in all aspects of divorce, including mediation and litigation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2086&ChapterID=59