Choosing whether to continue to work on your marriage or to get a divorce is never easy. During this period of time, there are numerous personal issues and financial matters you will need to consider. Regardless of the choice you make, there are certain actions you need to take now, in order to protect yourself. The following tips can help you be better prepared in whatever decision you eventually make.
Under the Illinois Statutes (750 ILCS 5/503), any property or funds earned, acquired, or otherwise accumulated during your marriage will need to be divided on an equitable basis. Begin immediately making a list of all homes, real estate, vehicles, furniture, and items such as artwork or antiques you and your spouse own. Get statements regarding savings and investment accounts, along with any pensions or other retirement benefits you may have contributed to over the years.
These types of assets can represent significant amounts of money and can help you recover financially in the event you do decide to part ways. Unfortunately, there are situations in which a spouse will attempt to either hide or give away assets, so making this inventory can be an important way to protect yourself.
Forbes advises that establishing your own financial independence is one of the most important things you can do in preparing for a divorce or separation. Most married couples have joint bank accounts and credit cards or loans in both of their names. Take the time now to do the following:
At the Women’s Divorce and Family Law Group, we are here to support you in making choices that are best for you. To discuss additional ways in which you can protect yourself during this time, reach out and contact our Chicago divorce lawyers to request a free consultation.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.
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Lake Forest, IL 60045
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Lisle, IL 60532
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Chicago, IL 60601
Copyright 2018 | Women’s Divorce & Family Law by Haid and Teich LLP. | NUVEW All rights reserved
Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis.
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