Sometimes, nothing can be done to avoid a marital breakup. Regardless of the circumstances surrounding a divorce, it’s a financially difficult process. Untangling the finances of two spouses can get messy and complex. However, a little bit of preparation can go a long way. Here are a few strategies to help Illinois residents prepare financially for a divorce.
Keep track of expenses
Start tracking income and expenses as soon as divorce becomes inevitable. Be sure to include expenses for food, home maintenance, household bills, food, transportation and childcare. This data will be good for building a post-divorce budget and may help attorneys and judges decide how to split marital assets and debts.
Separating joint finances can get tricky and mostly depends on state laws. However, excessive spending or messing with joint financial accounts before the divorce could be detrimental. Continue to use accounts as usual and be transparent with the other party regarding joint finances. If the relationship is not amicable, it may be beneficial to ask an attorney about a legal separation. This would dictate how both spouses will use money until the divorce is final.
The most beneficial piece of financial advice for those about to head into a divorce is to seek professional assistance. Just as every marriage is different, the same can be said of every divorce. A legal representative will examine the situation and offer specific advice. Whether the divorce is amicable or contentious, an experienced and knowledgeable lawyer can help any Illinois resident sort through the separation of his or her life and finances.