The cost of a divorce in Illinois can be quite expensive for most couples. There are many issues a divorcing couple must address and as a result, a significant amount of time is spent with attorneys. Individuals may also discover that once a divorce is finalized, they have new expenses that they never thought about.

Some married couples in Illinois may choose to hold off on filing for a divorce because of the costs, but with a better understanding of one’s finances, a couple can find ways to save money during and after their divorce.

If a husband and wife mutually agree to end their marriage, they may also want to consider discussing a plan before they legally file for a divorce. The spouses can discuss their expectations regarding child support, alimony and property division before meeting with their lawyers. Although lawyers will help the couple through negotiations, negotiations may take less time if each spouse has a basic understanding of what the other wants from the divorce. This will save time and money.

During discussions regarding division of property and getting a military attorney, individuals should always take into consideration how the division of assets and debts may affect them in the future. Investments carry different levels of risk and tax consequences may vary. Individuals should have a good understanding of what types of investments they will be comfortable with and if they will be able to manage any tax consequences.

When discussing shared child custody arrangements, the divorcing couple should consider how travel costs may affect each other’s budget. Will they take turns dropping off and picking up the children? How often will they be making the switches? With the cost of gas increasing, frequent trips can add up quickly.

Couples also don’t think about needing extra child care after a divorce. Some individuals discover that they need to work longer hours or that they can no longer rely on the other spouse to coordinate pick-up and drop-off times for school or daycare. As a result, some couples spend more money on child care after a divorce.

One of the most important things divorcing spouses should consider to protect their financial futures as singles is to purchase life and disability insurance. If one spouse is receiving alimony and child support payments, those payments would suddenly disappear if the individual’s ex-spouse were to die or become disabled.

There are many factors to consider for any kind of financial planning, but with a better understanding of how divorce can affect one’s finances, individuals can take a more knowledgeable approach to divorce in order to minimize costs and financial risks.