How Can I Financially Prepare for My Illinois Divorce?

 Posted on May 17, 2021 in Divorce

Couples get divorced for a variety of reasons. According to one study, more than half of survey respondents stated that financial problems were the main reason that they decided to divorce. Marriages are often stressed when the couple has financial issues and that stress can carry over to the divorce, too. Your finances can take a toll during divorce, leaving you with a headache to deal with after the divorce is finalized. The best way you can protect yourself from financial disaster during and after your divorce is to make sure you are fully prepared before you go into the process. 

Open Individual Accounts

Once you have filed your petition for divorce, all of the assets that you acquire are no longer considered marital property. You should immediately open individual accounts for your checking, savings and potentially even credit card accounts. Having these accounts can help ensure that your own separate property is not commingled with marital property.

Make Sure You Have Access to Financial Documents

Many times, there is one spouse in a marriage that takes care of the financial side of things. This is often referred to as the “in spouse,” while the other spouse is referred to as the “out spouse.” If you are the “out spouse,” you need to make sure that you have access to all of you and your spouse’s financial information and documents. This may include documents such as bank records, credit card statements, retirement account statements, deeds, loan information, mortgage paperwork, and more. 

Track Your Spending and Expenses

After your divorce, you will likely be working with less money than you had while you were married. It is important that you have a balanced budget that you can follow after your divorce is over. Start by tracking what you earn and what you spend your earnings on each month. Once you determine how much you typically spend, you can begin to look at what you might be able to pare down.

Consider Consulting With a Financial Professional

Though it is always a good idea for anyone going through a divorce to at least consult with a financial planner, it can be extremely important for those who are not financially savvy or those who suspect their spouse is not being entirely truthful about your finances. In addition to your lawyer, a certified divorce financial analyst (CDFA) can help you determine if there are hidden assets or misreported information from your spouse. A financial planner will also be able to help you make a financial plan after your divorce.

Hire a DuPage County Divorce Lawyer

Making the decision to divorce is never easy, but it is often the best decision you could make if your marriage was not a happy one. At The Stogsdill Law Firm, P.C., we have experience with many different types of divorces, both uncontested and contested. No matter the situation between you and your spouse, our skilled Wheaton, IL divorce attorneys can help you throughout the divorce process. To schedule a consultation, call our office today at 630-462-9500.

Sources:

https://www.nerdwallet.com/article/finance/7-ways-to-prepare-your-finances-for-divorce

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4012696/

https://www.pacificawealth.com/21-divorce-financial-tips-must-divorce/