A few simple steps may make divorce process simpler

 Posted on October 29, 2015 in High Asset Divorce

Divorce is essentially a complex solution to complex marital problems. However, although a divorce proceeding is characterized by emotional upheavals and complexities, it can be made simpler. A few simple steps may help individuals going through divorce in Illinois to complete the process more easily.

First, it is wise to gather the financial documents belonging to both parties in the marriage and then organize them in a single place. It may even be necessary to buy a multi-section file folder for keeping these papers organized. One important document to obtain is a mortgage statement, which includes all information related to a jointly held property.

Divorcing individuals in Illinois would also be wise to get their retirement account statements, along with pension plan statements and 401(k) information. Credit card statements and checkbook registries for the previous year are also needed. Finally, investment account statements, bank account statements and statements for long-term debt accounts are important to gather. Putting all of this information together allows one to develop a thorough overview of how one's money was spent the previous year and what has to be paid in the year ahead.

Just as the emotional aspect of a divorce can be challenging, the financial aspect of the divorce — especially a high-asset divorce — can also be difficult to address. If two divorcing individuals are willing to try to find common ground, they may be able to resolve their issues through divorce mediation or negotiation. Otherwise, a judge will have to decide these matters for them. It is within the rights of both parties to fight for their best interests during this type of family law proceeding.

Source: The Huffington Post, "3 Steps to Prepare for Your Divorce", Adrienne Rothstein Grace, Oct. 22, 2015