Divorce process can be financially complicated

 Posted on December 03, 2015 in High Asset Divorce

An Illinois divorce is a complex process that may cause a person to feel as though his or her life is spiraling out of control. Many struggle to cope with the emotional challenges of divorce along with the financial ones. A couple of tips may help to navigate the divorce process successfully.

First, it is critical to create copies of all financial records and statements. Producing copies of savings and checking accounts might be obvious. However, it is also important to have copies made of retirement accounts and 401(k)s, tax returns, insurance policies and other financial documents. Once this information has been collected, it's wise to store them in a secure location.

Second, it is smart to obtain a copy of one's credit reports. Efforts can be made to improve scores that have been impacted by financial issues within the marriage. If no individual credit has been established, now is a good time to start creating it. Opening an individual bank account and obtaining a personal credit card are important steps in becoming financially independent.

Those in Illinois who are getting a divorce may try to work out their issues, such as the division of assets, on their own through divorce mediation or direct negotiation. However, a court will have to get involved if the two cannot see eye to eye on these matters. It is within the rights of a divorcing individual to pursue an outcome that is in his or her best interests while still taking into consideration the other party's needs and wishes.

Source: The Huffington Post, "7 Financial Tips for Women Facing Divorce", Jennifer Leighton, Dec. 1, 2015