Everyone knows that a marital breakup can wreak havoc on finances. Undoubtedly, it can be difficult to focus on money amid the turmoil of divorce. However, failing to take action to protect finances can have disastrous consequences. Here’s what Illinois residents can do to protect their financial interests when a spouse wants to call it quits.
One of the first things to do in the event of a divorce is to close all joint credit card accounts. This will prevent a spouse from making unauthorized purchases and incurring large debts prior to the divorce being finalized. It goes without saying that cash can be consumed very fast in a divorce. Protect savings accounts by asking banks or financial institutions to require two signatures in order to make withdrawals.
Also, it can be helpful to routinely monitor credit reports before, during and after the divorce. This will ensure that personal credit is safe and that the other spouse is not opening up new credit accounts. Although it may be difficult, try to keep things as civil as possible. Fighting over every little detail the divorce means never-ending battles, and this will only have negative impacts both financially and psychologically.
When it’s all said and done, a divorce can be a good thing. However, going through a marital breakup can be overwhelming, especially financially. During this time, it is very important to protect personal rights by obtaining legal representation. A knowledgeable and experienced attorney can help any individual in Illinois resolve his or her divorce as quickly and efficiently as possible.