It’s no secret that a divorce can be far less messy if both parties have hired a competent and independent divorce attorney. Both parties will need their own attorney, even if the divorce is amiable, and most of the time everyone is privy to the expenses that can be incurred from hiring attorneys who are up to the job. Yet there are several expenses that sometimes divorcing parties forget about and are bombarded with only after the divorce has gone through. Preparation is the best remedy—if you know what you’re up against in terms of post-split finances, you’re far more likely not to be so negatively affected.
According to the Huffington Post, the number one of these is health, dental, and vision insurance. If only one spouse is the dissolving marriage is employed full-time, it’s likely that only one divorcing party will be able to retain health insurance as before. “What people often don’t realize is that when the divorce is finalized,” as reported in the Huffington Post, “the non-employed spouse cannot remain on the ‘family’ plan.” The non-employed spouse may be able to obtain an individual policy, but these can be expensive. The other alternative is to elect coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA). Regardless, the cost of insurance for the non-employed spouse will significantly increase.
Similarly, homeowner and car insurance premiums will increase when the policies are not coming from the same household, and retirement savings will have to drastically change. While a non-employed spouse may get half of the 401k at the time of divorce, “not only will the non-employed spouse have to be diligent in setting up and contributing to a retirement plan, he or she will have to understand that additional monies may need to be contributed to cover the employer contributions previously provided.”
If both parties enter the divorce with full expectations of the costs post-divorce, it’ll be an easier process for everyone involved. Don’t go through it alone. Contact an experienced Illinois divorce attorney today.
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