When married Illinois couples decide to get a divorce, assets are split through equitable division. This doesn’t mean a 50/50 split but one considered fair. However, there are ways to protect your finances during a divorce.
Avoid hiding money
If you fear your spouse is untrustworthy when it comes to finances, it might be tempting to hide money. However, this is something you should avoid. Be honest with your financial situation or it could work against you. If you take any steps to protect your finances, do it openly and not in secret.
Open bank accounts in your own name
Take steps to separate your finances from your spouse’s by opening savings and checking accounts in your own name.
You should open a second savings account to use as an emergency fund. Even those not divorcing should have one, but it shouldn’t be kept secret.
Close joint accounts
Any joint accounts, such as credit accounts, should be closed when divorcing. If your spouse is a spendthrift and you have a joint credit account, they might be tempted to go crazy using their credit card. This could end up leaving you with a sizable share of debt to pay back.
Get your own credit
After closing joint credit card accounts, you should open your own in your name alone. If your credit isn’t great, you can start small with a secured card and work toward improving your score. Over time, with responsible use, you can move up to an unsecured credit card.
Taking these steps can provide you with a sense of financial security during a divorce.
