IL divorce lawyerMuch of the divorce process focuses on finances. Spouses who dissolve their marriages are sometimes required to pay child support and spousal support (alimony). They may also be required to divide their marital property, which refers to money and possessions belonging to both parties. These obligations can take a heavy financial toll.

However, spouses can protect themselves and limit financial hardship by preparing for divorce. This article will discuss three ways to prepare financially, but it is always best to consult an Illinois divorce attorney about what steps you can take.

Collect Financial Documents

A crucial way to prepare for divorce is to collect the relevant financial documents. However, this is easier said than done for spouses going through bitter divorces. If you are in a hostile divorce, you may have trouble getting access to these documents, especially if you are the “out-spouse.” An out-spouse refers to a spouse who does not have knowledge or access to the couple’s financial assets. The in-spouse is the spouse who manages the couple’s finances.