What Is Pre-Divorce Planning And How Can It Help Me Prepare For A Divorce?
Obtaining a divorce can be hectic, especially if you and your soon-to-be ex spouse have complicated assets, children, or a potentially contentious divorce ahead. Planning for your divorce in advance of obtaining the divorce can help to address many issues and potential pitfalls before they occur, so you are not surprised and in a rush to correct the issue during your divorce.
You can schedule a pre-divorce planning session with one of the divorce lawyers at the Women’s Divorce & Family Law Group. You can sign a retainer to establish attorney-client privilege, allowing you to discuss everything with your lawyer in confidence. During a pre-divorce planning session, you can discuss your current position with the lawyer, and where you would like to end up after a divorce. You can communicate to the lawyer your goals for a divorce, and you and your lawyer can work together to develop a legal strategy to obtain your post-divorce goals.
What Types of Things Should I Be Thinking About?
When you get divorced, a multitude of questions will require answers. Such questions fall into the following four main categories:
- WHAT HAPPENS TO THE MARITAL ASSETS? While some couples may have already tackled part of this issue by using a prenuptial or postnuptial agreement, many couples must decide how to divide their shared marital assets. You will need to consider which spouse will get the house in the divorce, or if you will keep the house at all. Consider also what will need to be done with vacation homes, rental properties, stocks, bonds, bank accounts, etc. Part of pre-divorce planning is creating an inventory of all of your marital assets and planning the division of such assets.
- WHAT HAPPENS TO THE CHILDREN? If you and your spouse have children, many factors
regarding the children exist. Who will they live with? How much parenting time will each
spouse have? You and your spouse will need to prepare a parenting plan that allocates parenting time and responsibilities for the children to each parent pursuant to 750 ILCS5/602.7.
- WHO WILL PAY SUPPORT? Financial support constitutes a part of nearly all divorces. Financial support may take the form of either child support or spousal support. Considering what will happen if the need for support either increases or decreases in the future is also important.
- WHAT WILL THE DIVORCING COUPLE DO ABOUT MARITAL FINANCIALS? A couple disentangling their lives with a divorce must consider when and how to make the change from a marital identity to individual identities. Such a change involves division of marital debt and deciding when cease filing taxes as a married couple and begin filing taxes separate from one another. You may want to consult with a CPA or other financial professional, in addition to consulting with your lawyer, when making these types of decisions.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.