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How to prepare financially for divorce

If an Illinois resident is considering a divorce, it often takes an extended period of time for them to come to that decision. During this time, if someone is thinking about getting a divorce, they should make financial preparations. This will include getting a credit report, collecting financial documents and starting to save money.

There are several web pages that allow people to get a copy of their credit report online, and individuals are eligible for a free credit report once a year. This will let someone know if they or their spouse have any outstanding debts. It is also a good idea for those thinking about divorce to collect financial documents for the last few years, such as credit card and bank statements, tax returns and investment records. Many financial institutions make these documents available online or for sending via email.

People may also want to open a separate bank account and begin setting money aside. It is often easier for individuals to open accounts and access credit while they are still married, and this may be important for those with little credit history or who are unemployed.

As important as preparing for one’s financial future is, an Illinois resident considering divorce may also find it beneficial to consult with a divorce lawyer as well. There is a lot of misinformation about the divorce process, and a lawyer may be able to help people understand what will happen during the filing process. Additionally, a lawyer could represent someone in divorce court should that be necessary.

Source: Philly Burbs, “Thinking of Divorcing? Some Financial First Steps,” Loretta Hutchinson, March 20, 2013

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