Understanding Marital Finance during a Divorce

 Posted on December 00,0000 in Aurora Family Law Attorney

As most people who go through a divorce are aware, ending a marriage involves a lot more than filing paperwork and relocating. Although each case is unique, many divorcing spouses must deal with complicated child support and custody negotiations, property division, or alimony. Understanding how the law relates to your divorce can make the process a whole lot easier. Marital finances during a divorce can become particularly stressful. In addition to transitioning into a single income, divorcing spouses may not understand how to manage credit cards and other financial accounts. This article will provide some helpful insight into the monetary side of divorce:

 Joint Credit Cards

 According to Creditcards.com, creditors do not necessarily recognize a divorce ruling. Debt is debt, and as far as a credit card company is concerned, couples are responsible for paying joint debt when the marriage ends.

Experts often advise divorcing couples to resolve all outstanding debts before finalizing the breakup. After settling the debt, it is time to make decisions regarding joint accounts. Some couples choose to close these accounts; others put the accounts in one spouse’s name. When making this decision, the guidance of a divorce attorney may prove invaluable.

Joint Bank Accounts

The courts consider any joint checking or savings accounts to be marital property. This means both spouses own an equal share of the accounts. In a contested divorce, the court may decide how to split the money, but couples can also make that decision out of court.

Divorce Law in DuPage County

For more than a decade, Matthew M. Williams has provided legal guidance to divorcing spouses in Illinois. Mr. Williams practices both collaborative and cooperative family law. If you wish to speak with an experienced DuPage divorce lawyer, contact the Law Office of Matthew M. Williams, P.C. at 630-409-8184 to schedule an appointment.