Regardless of the situation or circumstances, ending a marriage is a challenging process. Divorce can be an overwhelming event for all parties involved and life seems to become infinitely more complicated during this time. However, one way to cut down on the stress of an Illinois divorce is to get organized financially.
As soon as divorce becomes inevitable, gather financial documents to find out what assets are owned and what debts are owed. This can help determine where changes are needed. Getting a clearer financial snapshot can also help with decisions around retaining or closing financial accounts, whether new accounts need to be created as well as any beneficiary changes.
Shared debt and credit protection
If an individual is ending a long-term marriage, chances are he or she may have shared credit accounts and debt with their soon-to-be former spouse. As soon as possible, determine what debts are owned and who will pay them. Monitor the progress closely. Paying bills on time can make up nearly 35% of a person’s credit score.
Create a post-divorce budget
Income and expenses will change once the divorce is finalized. Take time now to draft and create a new post-divorce budget. Review current expenses and highlight things that may change after the divorce, like insurance or child care.
Help is readily available
The stress and troubles that often accompany a marital breakup can be magnified by disorganization. Preparing appropriately and getting organized will not only make the process smoother, but it can also save time and money. Those in Illinois who have questions about the process of divorce can get help by meeting with a legal representative. A seasoned attorney can provide answers and invaluable guidance to help clients navigate this challenging experience.