Thinking about the end of your can be emotional and intimidating, due to a fear of the unknown and what comes after the dust settles. In many divorce cases, a couple may have experienced problems in their relationship for a while, which ultimately led to the decision to separate. If it seems like divorce may be on the horizon, planning ahead can benefit you in the long run, especially considering all the decisions that need to be made.

During the planning process, it helps to document everything, from bank statements to credit card receipts. This ensures you will have proof if any aspects of your divorce are contested and you have to fight out the details in court. It is also a good idea to seek legal counsel to ensure you so you are protected both legally and financially.

Steps for Planning Ahead

Before filing for divorce, you should think about where you will live and what your income and expenses will be post-separation. It is imperative to take inventory of your shared financial affairs, including investments and insurance policies, as well as other assets like houses, vehicles, and more. Make photocopies of deeds, insurance policies, and other financial documents. You should also write down all the account numbers for banks accounts, investment and retirement accounts, credit cards, and car loans. This way, you will know what you are entitled to as your share of the marital assets.

There are many ways that spouses attempt to hide marital assets from their wives or husbands. Methods can be as simple as stashing cash in a secret safe deposit box or transferring funds to family members or friends with the intent to recover them once the divorce is finalized. Other methods are somewhat more complex, such as creating offshore bank accounts or asking an employer to delay a large bonus or salary increase until after divorce.

Not only does hiding assets affect the division of property during divorce, but it can also affect child support payments and alimony. A husband or wife that successfully conceals marital property can end up getting away with tens of thousands or even hundreds of thousands of dollars that would have otherwise been distributed to their spouse or used for child support.

Business owners are at a great advantage when it comes to hiding assets during divorce, because there are dozens of ways that significant assets can be concealed. In many cases, a person may attempt to devalue the business, which is the same as stealing money from their spouse.

In 2017, the average student loan debt for graduates was over $37,000, which would amount to more than $45,000 when paid over 10 years with an average interest rate. This is a considerable amount of money. Graduate degrees are even more costly; the average student with a graduate degree has over $84,000 in debt, while the average medical school student has an astounding sum of $246,000 of debt. Many spouses may wonder what happens to this debt during divorce. This is a good question, because these debts can have a profound impact on a person’s life after finalizing the divorce process.

When the Loans Were Taken Out Before Marriage

If a student loan was procured before a couple was married, it will not be classified as marital property. Only marital property is divided during divorce. Non-marital property, such as bank accounts, real estate property, and debt, which was acquired before marriage remains the property and responsibility of that individual spouse. This means that if your wife took out $100,000 in law school loans before you were married, that debt will not become your responsibility after divorce.

Student Debt Acquired During Marriage

Everything changes when student loans are acquired during a marriage. However, simply because the debt is considered marital property does not mean that both spouses will be responsible for the debt. Many factors are taken into account when determining how to divide student debt, such as the following questions:

Numerous studies have shown that pets have a profoundly beneficial impact on our lives. In fact, the bonds that we create with dogs, cats, and other companion animals can be just as strong as the ones we create with other humans. Pets can even provide a variety of physical and mental health benefits for their owners, including lower blood pressure, reduced stress, lower levels of loneliness, and stronger immune systems for babies. Pets can also provide support for children with disabilities and autism, and they often help create an overall higher degree of happiness.

Because dogs, cats, and other pets quickly become irreplaceable members of our households, it can be difficult for both owners and the pets themselves when a divorce rips them away from us. However, by working with a skilled attorney, you can determine your best options for addressing ownership of your pets during your divorce.

A Pet’s Well-Being Is Taken Into Account During Pet “Custody” Disputes

There is good news for divorcing pet owners: Illinois recently passed a law that requires courts to take into consideration the well-being of pets when making decisions about pet custody, or, more accurately, pet ownership. While pets are still considered to be part of the marital property that should be divided between spouses, in many cases, spouses are able to come to an agreement regarding pet ownership, which can be sole or joint, just like child custody.

Your life after divorce is different than married life, or even your life before your marriage. Being married likely changed you, for better or worse, and your divorce will change you again. Now is the time to decide your vision for your post-marriage life. No matter what, your life will change, and it is up to you to create the experience you want.

Try these helpful tips for reinventing yourself after the divorce is finalized:

Acknowledge the Loss

Regardless of whether you were the one to say the marriage was over, you experience a personal loss in a divorce. Your life once had another person intimately involved in every detail, and now that person is no longer there. Acknowledge there will be grief and allow yourself to experience it.