Divorce can be an expensive process, and there are many financial pitfalls that can further increase its cost. For the wealthy, things are about to get even riskier. Starting in 2019, the tax credits afforded to those paying alimony will be gone, and that can lead to some significant financial losses. The cost is so great, in fact, that many financial advisors are telling their clients to get divorced before the beginning of next year. Unfortunately, this may not be the best option for your case.

For the Love of Money - Rushing Your Case Could Have Severe Consequences

Money is one of the biggest and most frequent sources of contention in divorce - and for good reason. You may already have to scale back your life to accommodate the division of assets that typically occur in a divorce. What is more, you may be ordered to pay alimony to your former spouse. Should this happen, you may want to try and avoid the loss of the tax credit.

In an Illinois divorce, parties are supposed to equitably split their assets. Unfortunately, there are spouses who will go to extreme lengths to conceal marital assets so that they can obtain more than their fair share. This act, known as asset hiding, often begins long before the start of a divorce, which can make it all the more difficult for one to track down hidden money. Thankfully, disadvantaged spouses do have some resources at their disposal. Learn more about them in the following sections, and discover how a seasoned divorce attorney may be able to help you determine whether asset hiding may have been an issue in your marriage.

Women Uncovers Multiple Properties in Divorce Proceedings

For decades, an Australian woman lived on a strict budget. Her husband, who worked and handled all the finances, had told her that they did not have enough money to meet their basic living expenses, so she scrimped and saved as much as she could while raising their children. When she finally decided to leave him, she went to an attorney to try and determine how much her settlement might be. That is when her attorney discovered that he owned a total of 15 properties. The woman, shocked but also relieved, sought her fair share of the assets. Her lawyer managed to get her a settlement that amounted to half of all the marital assets. While it is unfortunate that she did not discover the assets sooner, the outcome of her case was positive because, for the first time in her life, she could live comfortably.

While many parents have come to realize that an amicable divorce is a more favorable approach, there are some who just cannot get along. Perhaps there has been a history of abuse, or maybe one party is set on alienating the other. Thankfully, even in such scenarios, there are strategies that parents can use to preserve and protect the best interests of their children throughout the divorce process. Learn more in the following sections, including how the assistance of a seasoned and competent divorce attorney can improve the outcome of a contentious Illinois divorce.

Focusing on the Children

Perhaps the most effective strategy that one can use to mitigate the risk of troubles in a contentious divorce is to ensure that the focus remains on the children. Do not discuss personal matters with your spouse, and do not ask about their private life. Avoid arguing about the past (as well as the future), and leave money issues to be settled in court or mediation.

Most people recognize that divorce can be an emotionally painful process, but the financial complexities and challenges of this process are often overlooked. When this happens, it can place parties at an increased risk of experiencing financial devastation after a divorce. Learn how to mitigate your risks in the following sections, and discover how you can best deal with the financial loss that may occur during your Illinois divorce.

The Risk of Financial Loss in Divorce

Not all parties run the risk of financial loss in divorce, but it is an exceptionally common issue. Couples that have children, parties engaged in a high-asset divorce, and disadvantaged spouses tend to have the highest risk. However, even low-income couples, couples without children, and two-income households need to prepare for the possibility of a financial loss. More specifically, divorcing parties should prepare, long before the start of the divorce, to smooth the transition. Of course, not all parties have this luxury; some may not even be aware that a divorce is about to start. In these situations, careful planning and the aid of an experienced legal professional are critical to reducing the impact of a financial loss during your Illinois divorce.

Divorce can be a mentally, emotionally, and financially complex process for all involved parties, but children tend to be the most vulnerable. Age, developmental stage, and family dynamics all may play a role in a child's ability to cope and understand the changes happening within their family, and that can impact their likelihood of experiencing maladjustment during or after the divorce. Learn how you can mitigate against the adverse effects of divorce in your child, based on their age, and discover what an experienced divorce lawyer can do to help.

Infants and Toddlers

Infants and toddlers may not understand the changes that are occurring in their family during the divorce process - nor could they, really - but that does not mean they are immune from the negative effects. In fact, they may be more prone to long-term issues if there is a great deal of stress and contention during the divorce because their brains and immune systems are still developing. As such, parents should be especially diligent in protecting their child from the potential consequences of divorce. You can do this by maintaining a routine that is as close to "normal" as possible and ensuring the child has ample time with both parents (unless the environment would be considered unfit or unsafe).