Once a couple in Illinois decides to divorce, the next step is for them to fill out legal documents and file them at the courthouse. During this process, each spouse must decide how to divide his or her assets and money, including jewelry and financial holdings. While it is simple to split up books, DVDs and similar belongings, it is difficult to divide monies and properties.
Consequently, couples thinking about divorce need to consider several important things, including who is going to live in their current home. Plus, they must decide how to divide the holdings belonging to their Individual Retirement Accounts (IRAs). When each person in a marriage has his or her own IRA, he or she must divide his or her holdings and monies during a divorce. One exception is if the couple writes and signs a marital settlement agreement describing how they wish to divide their monetary assets.
After receiving the final divorce decree, ex-spouses must contact their banks. They need to change a former joint checking account ownership into two separate accounts. A name change after getting divorced involves filling out and submitting forms to the Social Security Administration, the bank and the Department of Motor Vehicles. It is a good idea to have a certified copy of the final divorce decree in case a government agency or financial institution requires proof of the divorce.
The main thing to remember is that getting divorced means changing legal entities from joint ownership into separate owners. Divorcing couples may want to contact a family law attorney for help. Doing so may help one or both spouses part on friendly terms. Divorce is never easy for anyone, so working with an experienced divorce lawyer may provide welcome legal assistance.