Aurora, IL Divorce Planning Lawyer

Respected Attorneys Assisting With Financial Document Preparation and Other Divorce-Related Issues in Aurora, Illinois

While divorce may be necessary due to the breakdown of your relationship with your spouse, that does not mean that it will be easy. There are numerous issues that you will need to address as you separate from your spouse, including many financial concerns and a variety of legal procedures. As you get ready to file for divorce, early preparation is essential. Thoughtfully organizing your financial documents, understanding your legal rights, and planning your next steps can help ensure that you will be able to approach the divorce process successfully.

At The Law Office of Matthew M. Williams, P.C., we can work closely with you to help you build a strong foundation before the formal divorce process begins. Our goal is to ensure that you are fully prepared to navigate the legal and personal complexities ahead. We can advise you on the best steps to take to resolve divorce-related issues successfully, including determining whether collaborative law may provide the ideal solution for resolving disputes that you may encounter.

Why Preparation Matters

Your divorce is likely to affect nearly every aspect of your life, from your finances and property to your future living arrangements and your relationship with your children. By preparing in advance, you can make informed decisions and avoid being caught off guard if disputes or other issues arise during your legal proceedings. With proper preparation, you can make sure financial concerns will be addressed correctly, and you can take steps to minimize the possibility of costly legal disputes.

Key Steps to Take When Preparing for Divorce

There are several proactive steps you can take to protect your rights and ensure that you and your attorney will have the information needed to address the legal and financial concerns that you may encounter. During the preparation process, you can:

1. Gather and Organize Financial Records: It is a good idea to make copies of all bank account statements, including checking, savings, and investment accounts. Federal and state income tax returns for the past three years can provide you with an understanding of your family's income and the tax credits and deductions that may need to be addressed during your divorce. Statements for any IRAs, 401(k) accounts, or pension plans can provide you with an understanding of your retirement assets. You may also want to request a recent copy of your credit report to make sure you fully understand your shared debts and identify any accounts you may not be aware of.
2. Document Real Estate and Home Equity: You can gather mortgage statements, HUD settlement statements from the purchase or refinancing of your home, property tax records, and appraisals to make sure you have a full understanding of the equity in your home. This can also help you identify how the property was acquired and determine whether the home may be classified as separate or marital property.
3. Evaluate Business Interests: If you or your spouse own a business, collect all available financial documents, such as partnership agreements, shareholder information, profit and loss statements, and tax filings. This can help you understand the ownership structure and the value of business interests, which may be critical for equitable property division.
4. Take an Inventory of Personal Property: To make sure you fully understand the property you own that will need to be addressed during your divorce, you can create a list of high-value assets, such as jewelry, vehicles, collectibles, and electronics. Take photos and document estimated values where possible. You can also note any inherited or gifted items that may be classified as non-marital property.
5. Consider Your Child Custody Goals: If you have children, it is a good idea to begin thinking about your desired parenting time schedule and how you expect to work together with your ex to co-parent your children. You can take steps to document your involvement in your children's lives, including school events, healthcare decisions, extracurricular activities, and daily routines. This information may be important if you encounter disputes about how child custody should be handled.
6. Establish Separate Finances: As you prepare to separate your finances from your spouse's finances, you may want to consider opening an individual bank account and updating your direct deposit information. However, you should avoid large financial transactions or any attempts to hide assets from your spouse, as this could lead to disputes about alleged asset dissipation during your divorce.
7. Consult With an Experienced Divorce Attorney: Discussing your plans and goals with a lawyer can help you understand your rights and the options for resolving divorce-related issues, as well as any legal obligations that will apply to you during the divorce process. At The Law Office of Matthew M. Williams, P.C., we can help you avoid mistakes and start the process with a clear strategy in mind.

Contact Our Aurora, Illinois Divorce Attorneys for Strategic Planning

Divorce is not easy, but preparation can help you make the right choices for your future. At The Law Office of Matthew M. Williams, P.C., we can provide you with practical legal counsel and dedicated representation throughout the entire divorce process. Call 630-409-8184 or contact our Aurora divorce lawyers to set up your free initial consultation.