Financial Mistakes during Divorce

 Posted on May 08,2013 in Divorce

Divorce is not something that people want to think about.  Yet by not taking certain easy steps, the process of dissolving a marriage can have lasting repercussions.  A divorce can affect your social, emotional, and other aspects of your life, but the easiest aspect to protect is the financial. The first step is to take steps to be prepared for a divorce.  Make sure you have access to money that can be used to begin the divorce process.  If that means keeping a credit card under only your name, then that's what you should do.  It is also necessary to have personal copies of financial documents, because that will give you an accurate representation of the assets you will need to divide during the divorce process. The next step is by understanding the financial implications of your divorce.  Important aspects like the difference between separate property and marital property, and what you can keep from being divided in a divorce.  It is also important to know how your assets and debts will be divided after your split.  Illinois is an equitable distribution state which is different from the 50-50 split of community property states.  In Illinois, the divorce court will look at factors such as the length of the marriage, the earning power of each spouse, and other factors to ensure a fair division. The last step is to think about your financial future after your divorce.  A major mistake that people make during a divorce is by requesting assets without considering the consequences.  For example, the marital home might be nice in theory, but it may be a financial burden on one income.  Maintaining the property, paying a mortgage, and other expenses will be difficult for anyone's finances. To stop yourself from overlooking financial steps of your divorce, take these few steps.  But there are other steps that can further protect your future.  The best one is contacting an experienced divorce attorney in Kane County who will be your advocate and guide through the divorce process. image courtesy of freedigitalphotos.net