When divorce becomes a possibility, many people think first about the emotional toll. But the financial impact is just as significant—and often more lasting. As Illinois divorce attorneys serving Downers Grove and the surrounding areas, we’ve helped many individuals take control of their finances early in the process. Financial preparation doesn’t mean just gathering documents. It means understanding your rights, protecting your assets, and planning for life after divorce. The more proactive you are, the more likely you are to secure a stable financial future.
Divorce in Illinois is governed by the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/101 et seq.). Illinois is an equitable distribution state, which means property is divided fairly, not necessarily equally. That includes income, retirement accounts, real estate, and even debt. Knowing how to prepare for this process financially puts you in a better position to make informed decisions from the beginning.
Understand Your Current Financial Picture
The first step in preparing for divorce is understanding your current financial situation. We recommend compiling a complete inventory of assets, debts, and sources of income. This includes bank accounts, credit cards, investment accounts, mortgage statements, retirement plans, and personal property such as vehicles or valuables.
Under 750 ILCS 5/501 and 5/503, both parties have a legal duty to disclose all assets and debts during the divorce process. Full financial transparency is required, and hiding assets can result in penalties and unfavorable court rulings. By organizing your financial records now, you can avoid delays later and make sure you understand the scope of the marital estate.
Separate Personal Finances From Joint Finances
It’s important to begin separating joint accounts when appropriate and practical. You may want to open an individual bank account in your name only to begin receiving your income separately. Be careful with large withdrawals or changes to joint accounts unless advised by your attorney. Illinois courts will consider whether any financial activity during the divorce process was done in good faith. If the Court determines the withdrawals were made in bad faith, you could be subject to various sanctions from the Court.
Make a list of all joint accounts—checking, savings, credit cards, and loans—and track activity closely. Under 750 ILCS 5/501, temporary financial orders can be requested during the divorce, including orders to prevent asset dissipation or to maintain the status quo.
Plan For Temporary Support Or Expenses
In many cases, one spouse may need financial support while the divorce is pending. Illinois courts can award temporary spousal maintenance or child support during the divorce process. If you expect to request support, begin collecting pay stubs, tax returns, and expense records to demonstrate your need. If you believe your spouse will request support from you, you should do the same.
The court will review factors listed in 750 ILCS 5/504 and 5/505 to determine whether temporary support is appropriate. Having your documents ready makes it easier for your attorney to file the necessary motions and advocate for your financial stability.
Review Your Credit And Protect Your Score
Your credit can take a hit during divorce, even if you’ve always managed your finances well. Joint accounts, missed payments, or changes in income can all impact your score. We recommend pulling your credit report early so you can identify and monitor open accounts. Consider freezing joint credit cards if possible, and be sure to pay minimum balances to avoid late fees.
Maintaining good credit after divorce will help you qualify for housing, financing, and future business opportunities. We can guide you on how to remove your name from joint accounts or protect your credit if your spouse becomes uncooperative.
Lack of credit may also hurt you. Not having enough credit history can also affect your credit score. You should consider this if most of the credit cards throughout the marriage were your spouse’s primary accounts.
Budget For Post-Divorce Life
Divorce can bring significant changes to your financial lifestyle. We help clients build realistic post-divorce budgets that consider housing, child-related costs, health insurance, taxes, and retirement contributions. Knowing what your financial picture will look like after divorce helps us work toward a fair property division and any necessary support agreements.
Divorce Frequently Asked Questions
How Does Illinois Divide Property In A Divorce?
Illinois follows the rule of equitable distribution, as outlined in 750 ILCS 5/503. This means the court will divide marital property fairly, but not always equally. The court considers factors such as each spouse’s income, contributions to the marriage, the length of the marriage, and future financial needs. Non-marital property, such as inheritance or property owned before the marriage, is typically not divided.
Do I Need To Worry About Marital Debt?
Yes. Just as assets are divided, debts acquired during the marriage are also subject to division. Even if a credit card or loan is in one spouse’s name, it may be considered a marital debt if it was used for joint expenses. We work with clients to identify and resolve debt obligations fairly under Illinois law.
What Happens If My Spouse Tries To Hide Assets?
Hiding assets during divorce is a serious issue. Under 750 ILCS 5/501 and 5/503, both parties are legally required to fully disclose all assets and liabilities. If one party fails to do so, the court can impose penalties or reallocate property in favor of the honest spouse. We conduct a thorough financial review and, when needed, involve forensic accountants to trace undisclosed income or accounts.
Can I Withdraw Money From Our Joint Accounts?
Be careful. Any significant financial moves should be discussed with your attorney. Courts may view unauthorized withdrawals as dissipation of assets under 750 ILCS 5/503(d)(2). However, you may be able to withdraw reasonable funds to cover living expenses, legal fees, or housing, especially if you’re preparing to live separately. We guide clients on the right way to handle these withdrawals to avoid them. If you do withdraw funds, just make sure you remember to keep good records of all accounts as you will likely need to provide those later on in the proceedings.
Will I Have To Pay Or Receive Spousal Support?
Spousal maintenance in Illinois is determined under 750 ILCS 5/504. The court considers multiple factors in its analysis of this such as income, length of the marriage, standard of living, and each spouse’s earning capacity. Oftentimes, these differ on a case-by-case basis. Temporary maintenance may be granted while the divorce is pending, and longer-term maintenance may be awarded depending on your circumstances. We help clients understand their options and protect their long-term financial security
How Can I Prepare Financially If I Think My Spouse Is Controlling The Money?
If your spouse controls most of the finances, start by gathering as much information as possible—bank statements, tax returns, pay stubs, and investment records. We can file motions to compel financial disclosures and seek temporary support if needed. Courts in Illinois take financial control and concealment seriously, and we can take legal steps to protect you during the divorce process.
Call A Downers Grove Divorce Lawyer You Can Trust
If you’re considering divorce or need help preparing financially, we’re here to guide you through every step. At SBK Law Group, we provide clear, effective representation that protects your financial future and ensures your rights are upheld.
Contact our divorce lawyers in Downers Grove at SBK Law Group by calling 630-427-4407 to receive your free consultation. We represent clients throughout Downers Grove and the greater Chicago area from our Downers Grove office.
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