Financial Tips for an Illinois Divorce

 Posted on December 00,0000 in Divorce Finances

Getting a divorce makes many things in your life far more complex than usual. Your children’s living arrangements become more complicated, managing your time becomes harder and even having your work life and home life balanced becomes more difficult. One of the things that can be the root of much stress is your finances and if you are not careful, your divorce can wreak havoc on them. If you are getting ready to file for divorce or you are currently in the process of a divorce, these four tips can help you keep your finances organized and simple:

Close Your Joint Accounts

Once you have filed for divorce, you should make sure you close your joint accounts, whether they are checking accounts, savings accounts or credit accounts. By splitting the amounts of both your checking and savings accounts, you can begin the separation process for marital property. You should also make sure to close your joint credit accounts so you do not rack up any more marital debt.

Open New, Separate Accounts

Next, you should open separate accounts that have your name on them only. It’s important that you remove your name from your spouse’s accounts or you remove your spouse’s name from your accounts. New checking, savings and credit accounts should be opened as soon as possible.

Know What You Are Spending

Do a little bit of research on what you are spending each month and what you are saving each month. Ideally, you should be saving more than you spend. Make sure you keep track of any child support payments, spousal support payments, rent, utilities, and other bills. This can ease your mind about your finances and it is always good to know where you stand.

Hire a Knowledgeable DuPage County Divorce Lawyer

Divorces are stressful and so are managing your finances. Put those two things together and you have one big stressful and complicated mess. At the Law Office of Matthew M. Williams, P.C., we understand that managing your finances on your own after years of marriage can be daunting. We are here to help you with all aspects of your divorce, from property division to parenting time. Our experienced Aurora, IL divorce attorneys will guide you through the divorce process, from start to finish. To set up a consultation, call our office today at 630-409-8184.

Source:

https://www.usatoday.com/story/money/personalfinance/2018/05/30/tips-maintain-financial-sanity-during-divorce/630005002/