Individuals who are contemplating divorce in Illinois may understandably feel the combination of grief and shock. However, ending a marriage does not mean that one has failed. In fact, divorce may be an individual’s best decision depending on the circumstances surrounding his or her marriage. Here are a few tips for individuals to follow to protect their finances during the divorce process.
One of the best moves a divorcing individual can make is to document which spouse owns various assets. The same can be done for both parties’ liabilities. Assets worth taking inventory of range from retirement accounts to furniture, jewelry and insurance policies. Meanwhile, liabilities to record include car loans, home loans and credit card debt.
An individual who has decided to get divorced may also benefit from creating an after-divorce budget. This is important because it is not uncommon for people’s standards of living to change drastically after they end their marriages. Divorcing individuals should also ideally adjust their savings and retirement strategies moving forward and reflect this in their new budgets. If necessary, they may want to find new ways of generating money or cutting their spending to effectively support themselves financially after signing their divorce papers.
Finally, anyone who is getting divorced would be wise to speak with an experienced Illinois family law attorney. Even if two divorcing spouses appear to be on great terms, conflicts can arise quickly over asset division or child custody, for example. A savvy attorney can help to address these issues in a timely manner and will ultimately pursue a just and comprehensive outcome on his or her client’s behalf.