Preparing for a Divorce or Separation

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.

Make an Inventory of Property and Assets

Whether you are considering a divorce or simply a trial separation, one of the first steps is to make a complete inventory of all the property and assets you and your spouse own together.

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.

Preparing for a Divorce or Separation

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:

• Open a checking and savings account in your name alone. Begin transferring your paycheck or any other income you have into it.
• Reestablish your credit. Consider taking out a small personal loan or opening a department store credit card. The important thing is to have it in your name alone and to make regular payments.
• Put a hold on all major purchases. Now is not the time to add on additional debts. If possible, place temporary holds on your account to avoid having your partner accumulate debts for which you could end up being liable.

Reach Out to Chicago Divorce Lawyers

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 lawyer to request a free consultation.