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Our McHenry Divorce Attorneys Help Prepare Budgets

Gavel and Book McHenry Divorce AttorneysOur McHenry divorce attorneys can explain that preparing a budget is a critical act to complete during the divorce process. Once a final decree is entered in a case, it is harder for McHenry divorce attorneys to make changes. By preparing a post-divorce budget, a spouse will understand better the types of assets and income that he or she will need in order to maintain a comparable lifestyle after the marital relationship is severed.

Different Standards of Living

Creating a post-divorce budget is not only for the wealthy. Even those spouses who have very little resources can be better prepared by completing this step and ensuring that their basic needs will be provided for. In the case of wealthy individuals, a post-divorce budget can help assure the spouse that his or her standard of living will remain the same after the divorce.

Timing of Creating the Divorce Budget

McHenry divorce lawyers can explain that it is important to complete the divorce budget early in the process. Spouses must exchange financial disclosures regarding their income, assets and debts, so the information necessary to complete this step will already be at their disposal.

Relation to the Divorce Process

In addition to providing the spouses with pivotal information about their financial health, completing a divorce budget can assist in the divorce process in several ways. For example, it can be used to help determine which spouse will have the resources necessary to support major assets, such as the marital home. Additionally, it may be used to help determine the amount of child support or spousal support that should be ordered. In some instances, bankruptcy may be the preferred path for the spouses, and this should be known early in the process.

First Budget

Our McHenry divorce attorneys may advise making two budgets. The first budget should include information related to the parties during the actual divorce process. This budget can highlight if any immediate actions should be taken, such as the need for support payments during this time period.

Second Budget

McHenry divorce attorneys can then work on preparing the second budget. This budget should show the financial picture for each spouse after the divorce is included. One spouse’s budget may include the receipt of support payments while the other spouse’s budget shows the payment of such support. In some instances, our attorneys may help prepare alternative budgets to show how different decisions will impact monthly expenses, such as one budget that gives a spouse the house and another that does not.

Legal Assistance from Our Our McHenry Divorce Attorneys

For help with preparing your budget, contact our McHenry divorce attorneys from the Stetler Law Group at (815) 529-4554.