Do Not Forget the Finances during Divorce

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.

Advice for Navigating Finances during Divorce

There is no “one size fits all” divorce settlement. Each process is as unique as the families involved. While these tips may not work for all situations, the majority of divorcing couples have found the following tips helpful.

  • Determine the monetary amount of bills and debts at the time of separation;
  • Define shared, marital assets as well as individual assets;
  • Understand the current financial situation;
  • Monitor any changes to joint accounts;
  • Create a separate bank account but do not freeze or close joint cards;
  • Avoid debt increases;
  • Have all assets appraised, regardless of the self-determination of worth;
  • Remember to account for tax season; and
  • Remain vigilant of current bills due.

Remember Divorce Litigation Has Many Complicated Layers

What begins as a mutual decision to divorce does not always end as harmoniously. It is always a good idea to have an attorney available once the situation turns from good to ugly. The transformation can happen instantaneously leaving the other party at a loss of what to do. Contact a DuPage County, IL divorce attorney Today to protect your finances and your future. Law Office of Martoccio & Martoccio offers a free initial consultation to those who call 630-920-8855 today.

Sources:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

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