You Have Decided to End Your Marriage. Now What?

 Posted on September 19, 2022 in Illinois Divorce

You have finally made the difficult decision to end your marriage but now you are unsure of how to begin the process. Dealing with the emotional aspects of a divorce can be hard enough, and the stress and worry about your future and your children’s future can feel overwhelming. But the steps you take at the beginning of this process can go a long way in protecting that future, especially the financial side of it. The following are some steps you can take to begin the divorce process while protecting yourself financially. For more details, contact a Kane County divorce lawyer.

Get Legal Advice

The first thing you should do before moving forward is speak with a qualified divorce attorney. Even if you think your divorce is going to be friendly because you and your spouse are on the same page when it comes to child custody and family finances, it is important to understand that once that divorce petition is filed, the process can quickly become a contentious one. Having an attorney dedicated to your best interests will ensure you are protected should this occur.

Protect Financial Accounts

Money can cause people to act in ways you may never expect. At our law firm, we have heard many stories from clients whose spouses wiped out their bank accounts as their marriage was falling apart. Contact your financial institutions to amend all of your accounts to now require both your and your spouse’s signatures in order to make any withdrawals. Once the divorce petition is filed, the court can issue a temporary restraining order that prohibits either spouse from moving or selling assets.

Open a Bank Account in Your Name Only

If you do not already have a bank account in your name only, now is the time to open one. This will give you immediate control over the income that you are making and ensure your spouse cannot access your earnings.

This also applies to credit cards. If you only have joint credit with your spouse, now is the time to open a card to begin building credit up in your name only.

Make Copies of Important Documents

It is important to understand the financial state of your marriage, especially if you left paying the bills to your spouse. Take copies of the most current financial statements, tax returns, pay stubs, deeds, vehicle titles, and other assets you have.

Take an Inventory of Assets

List all of the property and household items that you and your spouse own. This includes appliances, furniture, jewelry, collections, and other valuables. It is also a good idea to take videos and photos of these assets. And do not forget to include any items you have in a joint safety deposit box.

Take an Inventory of Debt

Your divorce does not only involve dividing marital assets. It also involves dividing debt. Make a list and take copies of all mortgage statements, vehicle loans, credit card statements, and any other debt you are aware of. It is also a good idea to obtain a copy of your credit report to make sure there are no accounts in your name that you were unaware of.

Contact a St. Charles, IL Divorce Lawyer

Now that you have decided to divorce your spouse, do not delay in calling Weiler & Associates, Inc. to schedule a consultation with one of our skilled Kane County divorce attorneys. Call 630-331-9110 today to find out how we can help.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ChapterID=59&ActID=2086