Ending a marriage is usually a difficult decision. For women, however, divorce can present some unique challenges, especially financially. When it comes to financial matters, a little bit of preparation can go a long way. What follows could help women in Illinois who find themselves on the brink of divorce take control of their finances.
Now more than ever is the time to be frugal. Going through a divorce could mean moving or repurchasing necessary items like furniture and appliances. It may be helpful to review current and possible upcoming expenses and separate needs from wants. If possible, create an emergency divorce fund by saving tax refunds or any other discretionary income. Even though there may be less money coming in, find ways to cut down on expenses and save as much as possible.
Open a separate bank account
Many spouses have joint bank accounts. When a divorce becomes imminent, close any joint accounts and open new, separate bank accounts. Be sure to have paychecks auto-deposited into the new accounts. The account-opening process can be time-consuming, so try to do this as soon as divorce becomes inevitable.
The stress and overwhelm of divorce can be absolutely crippling. It may be helpful to take some time to reflect on the situation to help with accepting that the marriage has ended. However, acting sooner rather than later can put the wheels in motion for a quicker recovery, both emotionally and financially. It can be beneficial to research and gather a team of professionals such as counselors, financial advisors and tax professionals. For any person in Illinois who is going through a divorce, it is recommended to speak with an experienced and knowledgeable family law attorney for legal guidance.