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Three Financials Disputes That Can Affect Your DivorceMoney is a common issue for married couples to argue over. So, it should be no surprise that financial strife is one of the most common reasons that people give for getting divorced. Unfortunately, these same money problems can continue during your divorce negotiations. Because it is important to come out of a divorce with financial security, you should understand how different financial problems from your marriage can affect your divorce. Here are three examples of monetary disputes that divorcing spouses may have:

  1. Heavy Debt: The stress of being unable to keep up with debt payments can break your marriage. Part of your divorce will be figuring out how to divide your marital debts, which you share just like with marital properties. You can divide the debt based on which of you was more responsible for each debt or which of you is more capable of repaying it. Your divorce agreement should state which debts each of you are responsible for in case a creditor comes after you because your former spouse failed to repay the debt.
  2. Different Spending Habits: Sometimes, your attitude towards how you spend your money can lead to disagreement, even if it does not cause problems with debt. You or your spouse may be more comfortable making big purchases, spending on luxury items, and going into short-term debt. This can cause a disagreement during your divorce on what are necessary expenses and how much spousal maintenance one of you should pay. Creating a responsible budget is an important part of life after divorce, and you should not be subsidizing your former spouse’s reckless spending.
  3. Financial Infidelity: A person commits financial infidelity when they hide major expenditures or assets from their spouse. The betrayal of trust can destroy your marriage if you discover financial infidelity, but there are also practical concerns you must address during your divorce. Are you liable for debts that your spouse created without your knowledge? Is your spouse still trying to hide assets that should be included in the division of marital property? You need to investigate the extent of the damage that your spouse’s financial infidelity has caused.

Contact a McHenry County Divorce Attorney

Divorce is a chance to improve your financial future, whether you believe that your spouse’s decisions were harming you or you are trying to break bad habits from your marriage. A Crystal Lake, Illinois, divorce lawyer at Botto Gilbert Lancaster, PC, can discuss how to stabilize your finances after a divorce. Schedule a free consultation by calling 815-338-3838.

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Illinois State Bar Association State Bar of Wisconsin Crystal Lake Chamber of Commerce Illinois Trial Lawyers Association McHenry County Bar Association
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