Protecting Your Financial Future During Divorce

 Posted on April 29, 2021 in Divorce

Besides being emotionally draining, getting divorced can take a significant toll on a couple’s finances. Fortunately, there are steps that divorcing parties can take to reduce their post-divorce finance-related concerns. Most couples are, for instance, urged to immediately begin accounting for their assets and expenses, both to ensure that any property settlements are fair, but also to help uncover any evidence of marital waste or fraud on the part of one of the spouses. To learn more about the financial aspects of divorce, please reach out to one of our experienced DuPage County divorce lawyers today.

Inventory Bank Accounts

Property division is one of the most difficult aspects of many divorces, especially for couples who have unique or valuable assets. One of the best ways to avoid an unfair property settlement and later financial stress (upon divorce) is for couples to start compiling their financial information, including all bank, retirement, and investment accounts. The parties should be sure to keep copies of important documentation, like bank statements that can help keep track of both individuals’ balances, regular deposits, and withdrawals. Re-inventorying these accounts regularly during divorce proceedings is also a good idea and can go a long way towards safeguarding assets and preventing marital waste.

Gather Homeownership Documents

Couples who have decided to file for divorce may also want to start compiling copies of documents related to homeownership, including mortgage and equity line statements. Real estate is often one of the most valuable assets that a couple owns, so this documentation can play a crucial role when it comes to dividing property during divorce. It is also important to note, however, that just because one spouse’s name is not on a title or deed, does not mean that he or she does not have an ownership interest in that asset. Instead, courts will look to when the asset was acquired when determining whether it qualifies as marital or separate property.

Document Expenses

Besides accounting for their assets, soon-to-be-divorced couples should also be sure to make a list of all of their family’s expenses. Besides ensuring that any alimony or child support awards will be sufficient to cover household expenses, like rent, mortgage payments, and utilities, it is also one of the best ways to make sure that the other spouse is not over-spending or wasting marital assets. Accounting for debts is also a good idea at this stage, as any new loans or expensive purchases could also provide evidence of one spouse’s underhanded financial conduct. Courts do not look kindly on marital waste during divorce proceedings and bringing this type of behavior to their attention could result in the award of a greater share of a couple’s property to the other party.

Speak with a Dedicated DuPage County Divorce Lawyer

Even if you and your spouse are only considering divorce, you should start thinking about reaching out to an experienced Naperville divorce lawyer who can help ensure that your own financial situation remains as stable as possible during and after your divorce. To learn more about how a dedicated attorney could help with your own divorce, please call J. Aldrich Law, P.C. at 630-953-3000 today.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm