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Slow and Steady - What You Can Expect from the Divorce Planning Process

Some divorcing couples experience few obstacles, challenges, and contention and end up completing the process relatively quick. Others struggle tremendously with concerns over how their business, children, or marital estate will be divided. They endure heated arguments, asset hiding, or a depreciation of their marital assets. In these situations, and others like them, slow and steady may be the optimal pace. Learn more about divorce planning, including what it is and what you can expect from the process. 

What is Divorce Planning?

Divorce planning is all about hoping for the best but planning for the worst. It helps you prepare to make difficult decisions using logic instead of emotion. You consider the challenges that you might face, and you take steps to mitigate against them before they occur. More importantly, you feel more confident as you move through the divorce process.

Taking the First Steps

Before moving forward, it is important to prepare. You will need a clear understanding of your debts and assets, including those that belong to your spouse. Gather documents related to all bank accounts, loans, credit cards, real estate, paychecks, retirement accounts, insurance policies, titles or mortgages, and income taxes. You should also know what your credit looks like, so you will need a copy of your credit report. All this information should be kept in a safe place so that they do not disappear.

Creating Independence for Yourself

As you move through the divorce process, it is important to take small steps toward independence. Start planning what life will look like once the divorce is over. Open your own bank account and use it to track your personal finances. Close out joint credit cards or have your spouse removed so they cannot run up debts in your name. Lock your spouse out of your social media account by blocking them and changing your password. It is also suggested that you change passwords for all your other personal accounts (i.e. bank account, computer, laptop, etc.) to keep your spouse from accessing it.

Finding an Advocate for Your Divorce

With more than 210 years of combined experience, The Stogsdill Law Firm, P.C. has the knowledge and skills needed to effectively represent you during your divorce. Committed to your best interest, we can examine your situation, guide you through the divorce process, and advise you of your options. Learn more about how our Wheaton divorce lawyers can help with your case. Call 630-462-9500 and schedule a consultation today.

Source:

https://www.usatoday.com/story/money/personalfinance/lifestages/2012/10/08/financial-tips-divorce/1584063/

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1776 S. Naperville Road - Building B, Suite 202
Wheaton, IL 60189

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