Divorces can take a toll on you. One day, you may think things are fine, or perhaps a little rocky, in your marriage. The next, you could be receiving divorce paperwork from your spouse.
Though your divorce may move forward smoothly, one thing that you will need to consider is how it affects your financial planning for the future. It might be hard to think of something like that when the person you wanted to spend your future with is walking away but taking some time to consider your financial security in retirement is important.
Think of divorce as a new start
A divorce is like a new start (whether you want one or not). If you can, try to be positive about it because you can make the most of this situation and start with a clear idea of how to develop your retirement and plan for financial security.
You’ll want to look into your current assets and think about how to protect them while dividing them for the divorce. Illinois allows for equitable distribution, so you’ll divide your property between yourselves in a fair manner. That means that you may be able to save things like personal savings accounts and your retirement fund from being divided, if you are willing to give up other assets.
A divorce at any age and at any time can be frustrating, and it may change your ideas about the future. Take your time when considering your future finances throughout this process, so you can make solid decisions about how to divide your assets and protect your future.