Divorce can be a financially and emotionally trying process, even in the best of circumstances. What is more, if you are unprepared for the process, divorce could have a lasting effect on your health, sanity, and financial stability. Take proactive steps and these practical tips that can make your Illinois divorce more bearable.
1. Find a Way to Compartmentalize Your Divorce
While the emotional aspects of divorce cannot be overlooked or ignored, they can get in the way when dealing with matters related to your children and finances. Anger and resentment can cause you to decline fair offers, and you may even find yourself using your child as a bargaining chip, despite your best efforts. Avoid such issues through compartmentalization. Handle emotions in a healthy way, outside of negotiations. Journal, find a support system, and if necessary, attend therapy or counseling. When it comes time to negotiate, focus on what is best for you, your child, and your future, rather than how you feel.
2. Track Your Spouse’s Earning and Expenses Before Filing for Divorce
Spouses tend to become protective of their personal and financial information once they learn of a divorce, and if they hire an attorney, they are likely to change the passwords on their computer, phone, and financial accounts. As a result, you may be unable to gather the financial information you need for your case, which can ultimately impact the amount of your settlement. Avoid this consequence by tracking and gathering documentation on all of your spouse’s income and expenses, prior to filing for your divorce.
3. Obtain Education, Licensing, and Other Skills Prior to Filing
If you have been out of the workforce for a while, do not wait until you file to start building a new career. Instead, start to pursue any education, skills, or licensing now. Not only will this help you to be more financially prepared for the divorce process (as well as the time after), but you may also be able to get at least some of the expenses covered through your settlement.
4. Value Important and Expensive Items Before the Split
Just as a spouse may become protective over their financial information when they learn of a divorce, they may also start to “give away” or suddenly “lose” items of value. Baseball card collections may become sparse. That expensive canvas in your bedroom may be gifted to a friend. Cars, money, or savings bonds may also disappear. Get their value beforehand and reduce the risk of asset depletion during your divorce.
BONUS TiP: Curb Credit Issues and Protect Your Future Financial Stability
Vengeful spouses will go to almost any lengths to get even. Credit card debt is one of the fastest and most effective ways to do it. Prevent your spouse from wreaking financial havoc on your life by closing all joint accounts and removing them as an authorized user on any accounts listed under your name. Also, review your credit regularly as you go through the divorce process to ensure your spouse has not attempted to take out a line of credit under your name and social security number. If necessary, place a freeze on your social security number until the divorce has been finalized.
Contact Our Wheaton Divorce Lawyers for Skilled Assistance with Your Case
One of the best ways to protect your emotional and financial standing in divorce is to ensure you hire a seasoned attorney prior to officially filing. Davi Law Group, LLC is one of the most trusted firms in the state. Skilled and experienced, our DuPage County divorce lawyers will work hard to protect your interests, regardless of the situation. Set a date for your initial consultation. Call 630-580-6373 today.