While getting a divorce may be the best solution for you and your family, it can be difficult to navigate the many financial aspects involved. Marital assets are divided as part of your divorce agreement, which can have a significant impact on your daily life. It is a good idea to prepare your finances prior to getting a divorce. This can prevent any surprises later.
In Illinois, any assets or debts accumulated after a couple is married are considered marital property. The court splits marital property fairly in a process called equitable distribution. This does not necessarily mean equal, as income, the length of the marriage, the health of the individuals, their standard of living, and other factors are taken into consideration.
Here are some tips for preparing your finances prior to divorce:
Make a complete list of all assets that were yours prior to the marriage. This may include inherited property or anything purchased before you got married. Also, make a list of any financial accounts or investments that are in your name to verify how much money you have and where.
Get hard copies of all financial documentation, such as bank statements and tax documents. The more information you can provide, all the better, because the court will not take your word for which assets are yours. If online documents are the only ones available, print them out for your records.
Plan for Post-Divorce Life
Before divorce agreement terms are negotiated, carefully consider what you need to take care of yourself and your children. If you share bank accounts with your spouse, it might be a good idea to set some of those funds aside for an account in your name. Also, now is a good time to cut back on spending and set up a budget.
Contact a DuPage County Divorce Attorney
A skilled Wheaton divorce lawyer will be your best resource and investment when it comes to your divorce. At Salvatore C. Miglore & Associates, we help clients get the divorce agreement they need for a fruitful post-divorce life. Call our offices at 630-933-8400 to schedule a free consultation.