How to Educate Yourself About Your Finances Before a Divorce

 Posted on June 29, 2021 in Divorce

The financial aspects of divorce can be confusing and overwhelming, especially if you do not have much experience managing your own money. If you are uninformed about your finances, you can be left at a significant disadvantage when it comes time to divide your marital assets. The more you can educate yourself about your finances, the more prepared you will be to negotiate or argue for a beneficial outcome to your divorce, and to begin your post-divorce life with a plan to maintain your financial stability and find opportunities for growth.

Gather Information

When you know that a divorce is in your future, you should make a thorough effort to collect all available information about your personal and marital finances. Start with information about your assets, including statements from individually and jointly held bank accounts, retirement accounts, and investment accounts, as well as titles to any real estate, vehicles, and other valuable properties you may own. You should also review your credit report to understand any outstanding debts, including mortgages, vehicle loans, student loans, or credit card accounts.

Information about your assets and debts can help you identify your priorities during the division of marital property and better understand what a fair resolution would look like. Your recent tax filings, pay stubs, and other income statements can also provide valuable information to help you manage your finances after your divorce.

Consult With a Financial Professional

Your attorney can help you understand how Illinois divorce laws will affect your finances and represent you in negotiations or litigation to protect your interests, but it is often a good idea to work with financial professionals as well. Financial advisors can help you plan for the effects of your divorce and budget for the future, and forensic accountants can help you uncover information about your spouse’s assets that you may not be aware of. Other financial professionals can assist with the valuation of homes, businesses, and other properties with monetary values that may not be clear.

Take Advantage of Discovery

The divorce process typically includes a period called discovery, during which you and your attorney will be able to request information from your spouse. While you may be able to gather substantial information before the divorce process begins, discovery can be invaluable for collecting additional information that you did not have access to. For example, you can ask your spouse to turn over documents for joint financial accounts that they manage, as well as information about their income and non-marital assets.

Contact a Will County Divorce Lawyer

With your financial well-being possibly at stake in your divorce, it is crucial that you are represented by an attorney you can trust. At The Foray Firm, we will help you take the necessary steps to understand your financial situation and work toward a divorce resolution that protects your interests. To speak with one of our Joliet, IL divorce attorneys, contact us today at 312-702-1293.

Sources:

https://www.thebalance.com/a-guide-to-the-most-common-financial-issues-of-divorce-1289262

https://www.nerdwallet.com/article/finance/7-ways-to-prepare-your-finances-for-divorce