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Ryan Family Law, P.C.
Elgin, Illinois
847-586-0161
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How can you financially plan for your divorce?

When you file for divorce in Illinois, virtually everything about your financial situation will change. You should take steps to prepare yourself for independent living, but this isn’t the time to make drastic financial decisions. Instead, focus on budgeting and getting ready for your future.

Financial planning prior to your divorce?

As you get ready for your divorce, you might think about taking drastic measures like withdrawing all the money from your savings account. However, it’s important to avoid making any major decisions unless your divorce attorney recommends it. If you do anything drastic, your spouse might accuse you of trying to sabotage the process and use that against you in court.

On a similar note, try to spend as little as possible during the divorce proceedings. Dividing up marital assets is difficult enough without one of the spouses complicating the process by adding more assets to the pile. Avoid buying or selling property, making major purchases or investing in stocks unless your attorney says otherwise. You should also avoid opening credit cards or taking out loans during this time. Your estranged spouse might claim you’re trying to ruin their credit score.

If you’ve never written a monthly budget before, this is the time to begin. When you start living on your own, you’ll have to be careful not to live beyond your means. Try to estimate how much you’ll spend each month when you’re not living in a two-income household anymore.

Can an attorney help you prepare?

An attorney doesn’t just assist you in court proceedings. One could also help you prepare for your divorce beforehand. Providing legal counsel includes explaining the process and letting you know exactly what you’re getting into before you file the divorce papers.

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