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Postponing Divorce To Save Money Not Worth It

Posted on in Division of Assets

Postponing Divorce To Save Money Not Worth ItGetting a divorce can hurt you financially as much as it does emotionally. As part of the divorce negotiations, you will need to surrender several marital properties and other monetary assets. Afterwards, you will be left with fewer resources but many of the same financial obligations. Knowing the monetary consequences, some spouses choose to delay their divorce. By doing so, they may hope to:

  • Accumulate greater financial assets to support themselves after divorce;
  • Continue to take advantage of their marital status when filing taxes; or
  • Repair their marriage so as to avoid divorce.

While there are some potential advantages to delaying your divorce, the disadvantages are often greater. There are several reasons why postponing a divorce hurts spouses more than it helps them:

  1. Reconciliation Is Unlikely: Once you have concluded that you want to divorce, you have reached a point of virtually no return. In many cases, divorce is the correct decision, even if it is difficult to admit. You have accepted that your marriage is beyond repair, which can be the biggest obstacle to deciding to divorce.
  2. Resentment Grows: Instead of reconciling, you are more likely to become bitter if you force yourself to stay with your spouse. When you reach the breaking point, you and your spouse may have a high conflict divorce. Such divorces are more costly because they take longer to negotiate.
  3. Marriage Duration Matters: The longer your marriage lasts, the more financial obligation you may have to your spouse. If you are likely to pay spousal maintenance after the divorce, the duration of your marriage will determine how long you must continue to make the payments. In Illinois, the duration of spousal maintenance is calculated using a multiplier. The multiplier increases every five years. If your marriage reaches 20 years, the payments may be permanent.
  4. More to Share: Besides your regular income, you may potentially receive a sudden gift that increases your financial assets. An inheritance from a relative is the most common example. Receiving an inheritance while married is significantly different from receiving it while divorced. The gift may be considered marital property that must be accounted for during the divorce negotiation. Even if it is non-marital property, your individual financial resources are used when calculating support payments.

Inevitable Divorce

Delaying your divorce can cost you more money, as well as make yourself and your loved ones miserable. A DuPage County divorce attorney at Calabrese Associates, PC, can advise you on whether you are better off divorcing immediately. Schedule a consultation by calling 630-393-3111.

Source:

https://www.huffingtonpost.com/jim-halfens/delayed-divorce-procedure_b_4168236.html

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