Tag Archives: divorce finances

Illinois divorce attorneyDuring a divorce, you will likely experience feelings of sadness, loss, and failure. In addition, you may be left with financial struggles because of legal fees, child support, alimony, and asset division. Since a divorce can negatively impact your credit score, it is important to understand how so that you can minimize the damage. Here are several ways divorce can affect your credit.

Your Ex-Spouse Has Access to Your Accounts

If your divorce ended on bad terms and your ex is angry, they may rack up debt on any joint credit cards and drain your bank accounts, leaving you out of money and responsible for any incurred debt. To prevent this issue, you should change all of your banking passwords and remove your ex from all of your financial accounts.

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Illinois divorce lawyerDivorce is difficult for all mothers. However, stay at home mothers going through a divorce face unique challenges as they are forced to figure out how to support themselves and their children financially without their ex-spouse’s income. If you are a stay at home mom going through a divorce, these tips can assist you in surviving on your own.

Create a Budget

To create a budget, start by compiling a list of all of the monthly expenses you will have once your divorce is finalized. By doing so, you’ll understand how much money you will need each month to support yourself and your children.

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Illinois divorce attorneyWhen a couple ends their marriage in divorce, separating their lives from each other can become very complicated. The process will require the resolution of a number of issues, including determining how to divide property, allocate parental responsibility, and calculate the amount and duration of child support or spousal maintenance. When couples have a large amount of assets, the complexity of these matters can increase exponentially, and mistakes made during a high net worth divorce can have long-lasting consequences. During a high asset divorce, couples should avoid making these mistakes:

  1. Not hiring a financial advisor. A high net worth divorce often involves a number of complex financial issues, including real estate, business valuation, and pensions, investments, and retirement accounts. In order to gain a full understanding of what both spouses own, earn, and owe, a financial expert’s assistance is often required. By consulting with a financial advisor at the beginning of the divorce process, couples can avoid unexpected complications and resolve financial issues as smoothly as possible.

  1. Hiding assets. Spouses in high net worth divorces may try to transfer some of their assets to a child or relative to avoid dividing these assets with their spouse, or they may try to keep from disclosing the full extent of their earnings in order to reduce the amount they will pay in child support or spousal support. Attempting to hide assets is not only illegal, but spouses who try to do so will lose their credibility and be at a disadvantage in any disputes that arise during the divorce process. It is important to provide accurate, complete financial information during divorce, which will allow the process to be completed more quickly and efficiently.

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Illinois divorce attorneyDivorce can be a lengthy, difficult process, and by the time you and your ex-spouse go to court to enter your final divorce decree, you are likely ready to move on to the next phase of your life. However, this is often easier said than done. Disentangling yourself from a partnership that defined your life during the years of your marriage can be a complicated, emotionally draining process, and once you do so, you may feel adrift. But by following the tips below, you can not only make it through this difficult time, you can become even stronger:


  1. Take care of yourself. Make sure to practice self-care, taking at least a few minutes each day to do something you enjoy. Maintaining your health and appearance might be the last thing on your mind, but taking care of your body by getting some exercise and spending time for yourself can help you establish a routine that will allow you to move forward as you restructure your life.

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Illinois divorce lawyer, Illinois family attorneyDuring the divorce process, a lot is going on. Not only are you dividing up visitation schedules, living arrangements, and possessions, you are coping with your life adjustments. It is easy to see why everyday tasks can slip through the cracks. Between changing addresses, packing boxes, and updating billing information monthly bills often go unnoticed, at no fault of either party. However, there are several reasons why it is imperative that the monthly bills remain paid each month, especially during divorce negotiations.

How Putting Off Payment Impacts the Divorce

Continuing to the pay the bills has some benefits but also has a few downfalls. First and foremost, you want to ensure that you protect your credit report. Good credit is necessary for most things in life now, including getting a job, renting or buying a house, and even getting re-married. To come out of a divorce with poor credit makes a difficult situation worse. However, set up a payment agreement with your ex-spouse about who is responsible for which bills each month. Once you have filed for divorce, anything outside of the marriage is no longer considered marital property, which is not subject to equitable distribution. In the court of law, making payments in “good faith” does not earn you any points with a judge unless there is a binding contract to go along with it.

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