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Tips for dealing with financial issues in divorce

On Behalf of | Jan 19, 2021 | Divorce |

There are a number of financial issues people in Illinois need to consider when they are getting a divorce. They should gather as many financial documents as possible so that they have a thorough understanding of the divorce process. If they think the other spouse may try to conceal assets from them, they may want to put this information somewhere safe.

Taking stock

It is also a good idea to make a record of all the things in the home. People may want to consult an attorney before removing any valuables from the home or taking action on joint accounts. Unilaterally taking control of shared assets could cause problems during the divorce process, but people may also want to protect those assets. It might be possible to come to an agreement about closing accounts and opening individual accounts. People who do not have credit cards and accounts in their own name may want to open them in order to begin building a credit record.

Dividing property

During the divorce, it is necessary to divide all shared assets, including retirement accounts and stocks. People should keep in mind throughout this process that it usually costs more to maintain two households than one, and they should have an idea of what their budget will be like after the divorce. This can help them make the right decisions during the process of property division.

Many couples do successfully negotiate an agreement for dividing their property instead of going to court. While this can give them the opportunity to reach a solution that suits them both, people should be careful about not letting their emotions get the better of them. Working with an attorney during these negotiations may help ensure that they do not rush through negotiations to get them over with or stall over unimportant issues.