When you first begin the divorce process, it’s difficult to think about the long-term implications of your decisions. You may want to litigate certain issues, or fight with your spouse over items or issues that, in the future, are inconsequential.
However, divorce is about more than just the money you have sitting in your bank account right now. In fact, your Illinois divorce will affect the money you have not only now, but in the future as well. Nowhere is this more apparent than in your retirement accounts.
Short-Term Thinking Can Jeopardize Future Stability
Many couples divorce when they are still of working age. This means that you may be midway through your working life while you’re divorcing. And, if you don’t think about your retirement accounts, or other, long-term assets, you may fall victim to short-term thinking that can be problematic.
Remember, retirement accounts are marital property. And, though they’re subject to division, you don’t want to give away too much of your retirement accounts for other assets that may not have any long-term value. With a skilled Naperville divorce attorney navigating your case, you don’t have to worry about bargaining away long-term assets you may want to keep.
Focus on Saving, Not Spending
Regardless of your age, it’s important to consolidate your affairs and save money. Specifically, you’ll want to pay off debts, and continue saving to prevent suffering a substantial blow from financial loss you may experience in the future.
You don’t want to have to start dipping into assets to pay for your divorce, either. All too often, couples will litigate issues they should settle and end up losing equity in their marital home, property, or even money from retirement accounts to pay attorneys and settle their case. From a long-term perspective, spending money now, and taking money from assets, typically isn’t worth whatever you’re gaining from the divorce.
As such, it’s important to focus on saving, and not spending, in all aspects of your life.
Contact Larry to Discuss Retirement Concerns in Your Illinois Divorce
Retirement isn’t one of the first issues most couples consider when they first file for divorce. However, it’s one of the most important when you consider the bigger picture beyond the divorce itself.
If you’re considering divorce, and are concerned about retirement accounts or funds, Larry can help. He has over 36 years of experience in divorce for couples in DuPage, Kane, Kendall, and Will Counties. And, with his expertise, you can ensure you don’t make short-term decisions at the expense of long-term goals.
Contact Larry for your free, 30-minute consultation by calling 630-470-9990 or fill in our convenient online form to request a consultation online. We look forward to speaking with you, and helping you better understand the best approach to the divorce process.