How Can I Financially Prepare for My Illinois Divorce?

 Posted on May 25, 2021 in Divorce

There is no denying that divorce will have a financial impact on most couples. Even if the divorce is a “friendly” one without disagreements about how the marital estate should be divided, each spouse will still have to adjust to going from a two-income household to a one-income home. Keeping that in mind, there are certain steps you can take to help alleviate some of that financial pressure and ensure you are prepared once the divorce process is complete.

How Much Money Do You and Your Spouse Have?

While this may seem like an obvious question, many spouses do not know the answer to that question, especially if the other spouse is the one who handled all the family finances. Make sure you know exactly how much you have in checking and saving accounts, retirement accounts, and any other financial accounts you have. It is also important to know how much marital debt you have, so find out the balance for any mortgages and equity loans, vehicle loans, credit card bills, etc.

If you are planning to divorce, this is also a good time to get your own checking and saving accounts and apply for at least one major credit card in your own name to begin building a separate credit history.

In a divorce that is or will be a contentious one, one of the fears that people have is that their spouse will get more than their fair share of marital assets and begin hiding money. Never hide money before or during divorce since the court may not only consider it a dishonest move, but the judge could decide your spouse will receive the assets you were trying to hide.

Child and Spousal Support

If you have minor children, the court may decide to award one parent child support, depending on how the allocation of parental duties and parenting time are divided. Per the Illinois child support statute, child support is meant to “provide for the reasonable and necessary physical, mental and emotional health needs of the child.” This includes food, shelter, medical care, and basic education expenses.

Some parents forget about the many other expenses there may be, including childcare, extracurricular activities, sports equipment, and even college expenses. Make sure these are also addressed in your divorce negotiations.

Another issue may be spousal support. While not every divorce includes one spouse paying the other alimony, there is still approximately one in every 10 divorces that have some kind of spousal support order issued by the court. If you will be receiving spousal support and for some reason your ex-spouse is no longer able to work or passes away during the time you should be receiving support payments, you will not receive any funds. Some divorces stipulate that the paying spouse must have a life insurance policy and/or a disability insurance policy to cover these situations.  

Contact a DuPage County Family Lawyer Today

One of the most critical steps you can take in protecting your finances during divorce is retaining a skilled Naperville, IL divorce attorney. Our family law firm has decades of legal experience advocating for our clients and will work diligently to make sure you receive your fair share of the marital estate. Call Pesce Law Group, P.C. at 630-352-2240 to schedule a free and confidential consultation.

Sources:

https://www.ilga.gov/legislation/ilcs/documents/075000050k505.htm