While you might see divorce as an end to your marriage, you should also remember it’s also a new beginning. One of the most impactful changes you’ll realize after completion of your divorce is your financial situation. After a period where you were once managing economic decisions as a team – and possibly even enjoying the fruits of two incomes – you’re now solely in control over your own fiscal destiny.
With control comes responsibility. You owe it to yourself to make smart, informed choices regarding your income and expenses, which means taking advantage of ways to save money wherever possible. A Chicago divorce lawyer can offer advice based upon your specific circumstances, but here are a few tips to get you started.
1. Make a Budget – and Stick to It
If you haven’t already, your first step should be establishing a reasonable, responsible budget for your household. It’s not the most exciting task, but there are plenty of online tools and apps to make the job less tedious. When funds are tight, having some structure can make a big difference in keeping you on track with your finances As you’re reviewing income and expenses, do your best to set some money aside for savings.
2. Terminate Child Support in a Timely Fashion
Illinois’ statute on termination of child support indicates the obligation to pay ceases upon the later of when the child turns 18, or graduates from high school, but not beyond age 19. Your child support order should set the date of termination, which allows you to bring a copy to your employer in order to request money no longer be deducted from your wages. If the order isn’t specific or accepted by your employer, you may have to go back to court and get one.
3. Double Check Your Tax Withholdings
Once your divorce is final, you’ll file income taxes as a single person, or possibly as head of household. This may lead to a change in your tax liability, so you may consider increasing or decreasing the amount withheld from your salary, depending upon your circumstances.
4. Take Action to Pursue College Expenses for Your Child
If you didn’t address college tuition and expenses in the divorce case, or if the issue was reserved for the future, it’s not too late to have your ex contribute to educational costs. You may be able to work out an agreement with your ex, but it may be necessary to request contribution from the court. The judge will decide after conducting a hearing on the matter.
A Chicago Divorce Attorney Can Advise You on Money-Saving Tips
If you’d like more divorce tips to manage money, contact Michael C. Craven to discuss your situation. There may be legal options that put you in a more solid financial position, whether you’re still involved in the process or have a final divorce decree. You can call (312) 621-5234 or go online to schedule a consultation at our offices in Chicago, IL.
