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Financial independence after divorce

On Behalf of | Aug 24, 2022 | Divorce

When spouses file for divorce, many different plans might run through their minds about post-marriage life. Upon dissolving the marriage, they generally go their separate ways and settle into new living and, possibly, working arrangements. Some may have serious concerns about surviving financially when switching to a single-income lifestyle. Proper planning could help an Illinois resident attain financial freedom after divorcing.

Financial freedom fundamentals

Earning a decent income could help anyone cover at least a significant amount of their bills, but no matter how much someone earns, an out-of-control budget could ruin fiscal stability. Perhaps the first step someone takes should involve devising a post-divorce budget. Cutting back on unnecessary expenses and scaling down living arrangements may be advisable. Reducing costs as much as possible, at least during the short term, may provide financial breathing room.

Addressing debts helps, and doing so during divorce negotiations might lead to the other spouse covering some obligations. If the other spouse has more significant financial means, they could pay a larger portion of credit card, tax and other balances. Such outcomes might not require court battles since the spouse may agree to payments during settlement talks.

Relying on the other spouse to cover costs might be a limited approach. Taking action to improve earning potential may help with attaining financial freedom. Learning new skills or working a side job could be valuable steps post-divorce.

Seeking a decent divorce settlement

Once a judge signs a final divorce decree, the marriage ends. It might not be feasible to return to court to make any changes later. Both parties may benefit from ensuring the divorce settlement terms are acceptable. Asking for proper spousal and child support might alleviate financial burdens. Presenting evidence to support the requests seems appropriate.

Settlement negotiations also involve asset distribution, and being reasonable during the process may help. Arguing to procure property that might be too costly could hurt financial independence.

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