Money Matters to Consider before a Divorce

 Posted on June 26, 2013 in Family Law

During a divorce, one of the most contentious issues involves money matters.  Both spouses contribute to the financial estate of the marriage regardless of what their profession is.  But it is difficult to have that same feeling during the process of divorce and the division of property.

That is why it is necessary to take steps to protect yourself before seeking a divorce.  The first step is to become better about your individual finances.  If you do not have an income it will be a good idea to seek one. You will have the benefit of having a job when you become single and also teach you about budgeting if you haven’t been responsible for that while married.

This individual income will allow you to set up a personal bank account and personal credit cards.  While you are still married, it is easier to establish your personal credit rather than after a divorce.  Use this time to get a credit check to see how your married has affected your credit score.

Gathering your financial records is necessary during the divorce process because it will dictate the division of property.  The documents necessary include wills, credit card bills, mortgage information, bank account records and other documents pertaining to your communal assets and debts. It can also let you know if your spouse is skimming off the top.

Depending on your spouse, it may be wise to close your joint accounts with them as well.  While your name is on any accounts, your future ex is able to spend money on anything or anyone (including a girlfriend or boyfriend) and you can be held responsible.

All of these steps will contribute to securing assets for legal fees to get your divorce and set up your future life.  A legal professional can also provide other insight and advice for preparing to file for divorce.  Contact a skilled family law attorney in  DuPage County today.

Image courtesy of twobee / freedigitalphotos.net