Five Steps to Help You Prepare for an Illinois Divorce

 Posted on October 28, 2022 in Divorce

Divorce can be a long process that requires extensive paperwork, planning, and processing. Many people are surprised by how much documentation they have to gather once the divorce process begins, as well as by how much of their own information they do not know. If you are hoping for a swift divorce, one of the smartest things you can do is begin preparing now. For answers to your questions about how to get started, contact an Illinois divorce attorney right away. 

Collect Financial Documents

To answer important questions in divorce, such as how much child support payments will be and whether spousal support will be paid, each spouse needs to collect extensive financial documentation. You will need pay stubs, W2s, tax records, bank statements, credit card statements, and more. The sooner you can begin gathering these things, the sooner you will be able to present them to your attorney. 

Check Your Credit Score

An important part of life after divorce is financial planning on just one income. Your ability to take out loans, pay back debt, and get the things you need may change once you and your spouse cannot make purchases together. You need to know your credit score, as well as how much you owe to various lenders, so you can plan for the future. 

Make a Budget

Begin budgeting for life during and after divorce now. Remember that you will likely need to pay for an attorney, and perhaps for other expenses like getting your home’s value assessed. These things can add up quickly, so look for places where you can cut down on expenses, at least temporarily. Even if you are exhilarated by the freedom of leaving your relationship, now is not the time to purchase a new wardrobe or car. Be conservative in your purchases and wait until the divorce is finalized and you know more about your overall financial health for big-budget expenditures. 

Asses your Marital Finances

One spouse is often responsible for managing a couple’s finances. If you do not know much about your financial situation, you need to start learning now. Some things you should find out include: 

• How much you have in savings

• How much debt you have, and in which spouse’s name is it held

• Whether you have retirement accounts 

• How much you have in any children’s savings accounts or health savings accounts 

• Which accounts monthly payments come out of

• Details about your automatic subscription payments, like internet for your phone or Netflix

Hire a Wheaton, IL Divorce Lawyer 

Preparing carefully for divorce is one of the most important parts of ensuring you have a fair divorce decree that serves you well into the future. For help making pre-divorce arrangements, schedule a confidential consultation with a DuPage County divorce attorney with The Stogsdill Law Firm, P.C. as soon as possible. You can begin preparing for divorce on your own and let your spouse know when you are ready. Contact our offices today at 630-462-9500. 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3900000&SeqEnd=5400000