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Financial steps to take during divorce preparation

Spouses in Illinois who are considering separation might want to get their finances in order before signing any divorce papers. The first step is getting copies of important documents together and putting them somewhere safe.

A soon-to-be ex should also get a copy of their credit report. They can begin correcting any errors before the divorce is underway, and they may also be able to see if there are joint accounts that are being abused. A spouse should set up their own individual account and, if possible, create a line of credit in their own name. This might be more difficult for a person who has not worked outside the home. However, the Credit Card Accountability Responsibility and Disclosure Act of 2009 does allow one to apply for credit based on household income.

It’s important to note that there will be changes in taxes. An ex will need to start filing separately for the year that the divorce is final. In certain cases, an ex might want to hire a financial professional to talk about the overall financial situation and future goals. Other professionals who can be helpful in a divorce include a therapist and an attorney.

Ultimately, separating spouses should put practical considerations ahead of their emotions. This can be one of the more difficult aspects of divorce negotiations. People who are overcome by their emotions might give up property they are entitled to because they feel guilty, or they might draw out a divorce unnecessarily because they are angry at the other spouse. In cases where the other spouse makes it impossible to negotiate, one could discuss court strategies with an attorney.