financial pitfalls

Avoiding Financial Pitfalls In a Divorce

Divorce is a word that seldom brings a sense of happiness or joy. In fact, divorce can be the low point of people’s lives and can be extremely challenging both emotionally and logistically. For many divorcees, their focus lies solely on the emotional part, and they spend little to no time considering the financial effects. Those effects can be devastating and must be carefully considered before agreeing to any divorce arrangement.

There are numerous issues to consider when thinking about divorce. Do you have kids? Do you own a home? What type of savings, if any, are present? What about retirement accounts? Where are you located?

For residents of the greater Chicago area, Michael C. Craven is a Chicago divorce lawyer that you can trust for sound and seasoned legal guidance to help you with answers to these questions and more.

Considerations For Minimizing Mistakes During Divorce

Across the country, divorce varies by state. It stands to reason, therefore, that Chicago divorce lawyers may approach a settlement differently than divorce lawyers in Omaha. Whatever the case may be and wherever your location is, it is critical to obtain appropriate legal counsel to assist you in navigating the treacherous waters. Having legal counsel who is working on your side can help ensure you receive fair and just treatment. You have rights, and your attorney will make sure those rights are protected

There are several key mistakes to know about going into a divorce that you will want to avoid. These possible missteps include but are not limited to:

  • Rushing the process to get it over with.
  • Misvaluing marital assets.
  • Refusing to negotiate in good faith.
  • Allowing your emotions to control your judgment.
  • Not thinking about long-term child effects of a settlement.

Should any of the above take place, mistakes that are very costly are likely to happen. Because divorce can be emotional, it may feel like getting things over with sooner is the right way to go, though, rushing things can often have negative repercussions for one side. Or, being uncooperative and unwilling to find common ground can also be problematic. Ensuring that everything is dealt with calmly and fairly will be the best in the long run for all parties involved.

Do yourself a favor. Obtain experienced legal counsel familiar with the laws of your state, as well as understanding the emotional impact a case has on those going through a divorce. Doing so will help ensure an appropriate resolution and that you get what you are entitled to. The same is true for misvaluing marital assets.

Michael C. Craven is a Chicago divorce attorney that has over three decades of experience helping ex-spouses work through the divorce process and end with the most favorable outcome possible.

Speak to a Chicago Divorce Attorney Today

Divorce can be complicated, and it can also be a stressful life event. But having experienced legal counsel on your side can help you come to the right resolution for your interests.

If you have questions or simply want to learn more, please call the Chicago divorce attorney Michael C. Craven to schedule a free, no-obligation consultation at (312) 621-5234. Our staff will be happy to assist you.