Going through the steps to end a marriage can be difficult, especially in an uncertain economy. If you’re an Illinois resident considering divorce while unemployed or underemployed, here are some of the issues to consider when it comes to delaying divorce.
Are support payments affordable?
If you or your spouse is unable to afford alimony or child support, you may not be able to divorce right away. However, it may be beneficial for one spouse to get divorced while unemployed to reduce financial obligations.
The spouse receiving the payments may want to wait until the other spouse’s finances improve to ensure that payments are received on time. Some couples are able to come to an agreement in which the paying spouse will pay lower child support or alimony amounts to speed up the divorce proceedings. It may be possible to resolve the divorce without going to court to cut down on legal fees.
Have business values dropped?
If both spouses are involved in a business, divorce can have a significant financial impact on the company. No divorce is the same when it comes to owning a business and the nature of the relationship between the two spouses, so addressing these matters can get complicated. It is important to consider whether both spouses own a business or if one spouse is the owner. These factors will determine payouts in divorce.
A prenuptial agreement could help to reduce financial conflicts should a couple decide to end their marriage. While a prenup can’t address child support, it may help the couple agree on which assets are separate property when they do decide the time is right to divorce.
