With a few exceptions, divorce is rarely easy. Emotions often run on high and disputes can break out over seemingly minor issues. Yet, there is a reason many divorces are contentious. In addition to emotional loss, many divorcing parties are facing an uncertain financial future. If a divorce, whether high asset or not, is not handled properly, then an individual may be starting his or her life on rocky financial footing. Therefore, it is important for Chicagoans to recognize the various financial issues that should be addressed during a divorce.
One of the most overlooked areas related to post-divorce finances is estate planning. Those who get divorced should be sure to change their beneficiaries, as failing to do so could result in an ex-spouse inheriting a significant portion of an individual's assets.