Financial concerns and conflicts plague many divorces in the Elgin region of Illinois. Wouldn’t it be nice if you could prepare for some of these concerns before filing for a divorce?
In most divorces, it is hard to anticipate all problems that may arise. However, you can protect yourself from numerous financial hardships when you begin preparing for your divorce in advance.
Financial preparations to take before a divorce
Unless your spouse has blindsided you with an abrupt divorce filing, it is wise to start protecting your finances when you begin considering divorce. Doing so ensures you have enough time to strengthen your bottom line in advance of divorcing. The six tips below can help:
- Evaluate marital debts and assets. Determining the scope of your marital finances helps ensure you get what you deserve in your property settlement.
- Open a P.O. box. Opening a private post office box allows you to receive critical financial and divorce documents in a secure location.
- Spend money conservatively. To begin saving for your post-divorce life, avoid spending money on anything that is not critical.
- Open a new bank account. Opening a new account gives you a safe place to keep your money while you are divorcing.
- Get a new credit card. A new credit card adds a layer of financial security after your divorce while establishing your credit score.
- Change your beneficiaries. Changing the beneficiary designations in your will, financial accounts and insurance policies also protects your finances.
Many people tend to overlook the importance of learning as much as possible about state divorce and marital property laws before filing for a divorce. We recommend taking this step to help you avoid making critical errors in your divorce proceedings.
