How can you prepare financially for your Illinois divorce?

 Posted on January 26, 2022 in Divorce

Divorce can solve many of your personal and emotional problems, but it can also cause or increase economic hardships. The prospect of suffering financial trouble is one of the most common reasons many in Wheaton, Illinois, delay getting divorced.

We understand. If you must choose between financial stability and happiness, money issues nearly always come first. After all, even just getting by in the modern world is challenging on one income.

Can preparation improve your economic situation?

In most cases, preparing for the financial elements of divorce can help. If you can begin your preparations before filing for a divorce, your efforts will be even more effective. The eight tips below may prove useful.

1. Close joint credit card accounts to prevent your spouse from incurring more debt.
2. Open new savings and checking accounts to keep your funds separate.
3. Change the beneficiaries in your estate planning documents, insurance policies and retirement accounts.
4. Draft a new (and frugal) budget and then follow it to help you save cash.
5. Speaking of cash, start saving money to provide you with emergency funds.
6. Open a new credit card account in your name only.
7. Update your direct deposit details to ensure your money goes into your new bank account.
8. Track and preserve any nonmarital assets that belong only to you.

It is also wise to consider what your financial future might look like as a single person. Doing so enables you to prepare for your needs and expenses before filing your divorce petition.

Gaining knowledge of the equitable distribution of property laws in Illinois can also fill a vital role. When you understand how this property division method works, you have the best chance of coming out of divorce prepared for the future.