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5 Steps to Take When Preparing for an Illinois Divorce

Illinois divorce attorneysThough divorce may be the right choice for a marriage, it is far from the easy one. It can be mentally and emotionally draining. As a complex and nuanced legal process, it can also be financially draining if not approached in the right manner. Reduce the risk of significant financial issues during your Illinois divorce by taking these five steps during the preparation phase.

1. Track Your Income and Expenses

Start tracking your income and expenses, as soon as you realize that divorce is inevitable. The more financial information you have, the better. Check bank accounts, stocks and bonds, savings accounts, any investment interests, retirement accounts, and any educational savings accounts that you and your spouse may have set aside for your children. Also, ensure you know exactly how much income you and your spouse bring in each month. 

You’ll also want to take stock of any assets that you and your spouse may own. This can include: 

  • Real estate,
  • Vehicles,
  • Valuable or collectible items,
  • Expensive or antique furniture,
  • Valuable jewelry, and
  • Artwork. 

In tracking your expenses, look specifically at any debts you and your spouse may have. This can include credit card debt, but it may also extend to certain assets, such as a mortgage or vehicle. You will also want to have a firm grasp on which expenses are related to maintaining your household, and which are entertainment-related or superfluous, as these may need to be cut to help you stay within a budget (which is the next phase of preparing for divorce). 

2. Create a New Budget 

Divorce costs money, no matter how you go about it. In the best of situations, the proceedings are amicable, and assets are split fairly. In the less than favorable divorces, legal fees are often higher, so be prepared for this possibility. Strive to avoid the worst-case scenario, where the divorce stretches on, costing both parties excessive amounts in legal fees. 

Be sure that your budget accounts for household expenses that are currently your responsibility, then determine which ones you may be able to let go of once the divorce is complete. Ensure that, even without your settlement, you can survive on this amount. This will help you think more clearly when it comes time to use your settlement. 

3. Remove Your Spouse from Joint Debt Accounts 

As you move further into the divorce process, it is important that you start taking proactive steps to protect your personal finances. The first one should be to remove your spouse from any joint debt accounts, as they may seek revenge and run up your debt once they realize you are filing for divorce. 

4. Monitor Your Credit Carefully

In that same vein, you will want to start monitoring your credit. Vengeful spouses have been known to take out new debts under their spouse’s social security number, once they learn about the divorce. Notice the discrepancy, as soon as it happens, and you will be better equipped to handle the situation than if your spouse manages to run up new debts in your name. 

5. Contact Our DuPage County Divorce Lawyers 

Protect yourself, and your future finances, by contacting Davi Law Group, LLC before even mentioning divorce to your spouse. Our seasoned Wheaton divorce lawyers can help you strategize and prepare effectively for the process ahead. Call 630-580-6373 and schedule a personalized consultation to get started. 

Source:

https://www.huffpost.com/entry/9-critical-steps-women-sh_b_828841?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHYrzQ5xZ-fKqb_KGlhm3TdhS7SFsFN8MOJcqe5CAV1c09CdLP1IZjK2-bWi-kAiq8mYg_WYw3HpaCpSofAOph7sJir7X5Fr9PU9rjJ0tVbpVMW1PU4oCgL1-wwiS5RBexjwOBT11AyYXOtD17UhjvF43h6nMeE7XijOMKgu1mQR

Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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