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Financial surprises are common following divorce

On Behalf of | Apr 1, 2020 | Firm News |

Many Illinois women come to an unfortunate realization after the ink on the divorce papers is dry that things are different financially than what was anticipated. These surprises can range from mild to extreme and may result in a significant disruption from the life that they expected.

One of the first expectations that many soon-to-be ex-wives have is that they’ll be able to remain in the family home. While that is sometimes the case, the home may be sold or given to the husband in the separation agreement. The divorce process can be costly, especially if the two parties cannot agree on a settlement. This may only become apparent when a person sees the sum total of the costs at the end of the process.

Another pitfall that women face is the unexpected realization that they may be responsible for a debt that their husband incurred during the marriage. If their name is listed on the account, they’ll be liable for some of that debt no matter what. An ex-wife may also be left with less child support or alimony than they anticipated. This could necessitate returning to the workforce, even if they wanted to remain home caring for the children. These costs could be compounded if the woman is kicked off her husband’s insurance policy and forced to find her own health care.

Some of these unwelcome surprises can be averted by negotiating for a fair divorce agreement. Sometimes, individuals settle for a bad deal simply because they do not know what is facing them after the divorce. A family law attorney could help a client avoid this situation by coming up with strategies that will ensure a secure post-divorce financial life.