Steps to Take After Divorce

 Posted on February 01, 2020 in Family Law

Divorce is never easy. No matter how amicable the proceedings are, or how mutual the divorce is, it is still an extremely difficult thing to go through. Once a divorce is finalized, it is natural for people to want to take a minute before they rush into their new lives. During this time, a person may still be too upset about what they just went through, or they simply may have no interest in making big changes too soon. Even when this is the case, it is important to take some steps right away after a divorce.

Take Your Name Off of Joint Accounts

If you and your spouse had joint bank accounts or credit card accounts, it is important to remove your name from those accounts right away. This is not always done during divorce proceedings and you want to protect yourself in case your ex-spouse starts to rack up significant amounts of debt. If you do not take your name off of those accounts, you could still be held liable for paying some of that debt.

Apply for a Credit Card

Taking your name off of any joint accounts you had with your ex-spouse does not have to mean that you no longer have credit. Applying for a credit card can help you make the purchases you need right away, such as furniture for your new home. However, applying for a credit card can also help you establish credit of your own. This is especially important if the credit you had throughout your marriage was mainly in your spouse’s name.

Create a Budget

Your income and your budget will change drastically after a divorce. You will lose an income coming into the household, and your budget will look quite different. Some of your expenses may remain the same if you stay in the marital home, such as your mortgage payments and utilities. However, other expenses, such as your insurance may increase, even if it is not right away. Creating a budget will allow you to see how much money you have coming in, and how you need to spend it.

Review Your Estate Plan

If you created an estate plan during your marriage, the chances are good that you have named your ex-spouse as a beneficiary. If you do not change it yourself and something happens, the probate court will still proceed and distribute your estate according to your will. You likely do not want your ex-spouse to receive anything from your estate, so you must change this document, and any other in your estate plan, after divorce.

Contact an Illinois Divorce Lawyer

There are many steps you should take after a divorce, but they are much easier to go through when your divorce is filed properly and you get the fair settlement you deserve. To ensure that happens, you should always speak to a skilled Hinsdale divorce lawyer that can help. At the Law Offices of Martoccio & Martoccio, we can help ensure you get a fair divorce and advise on the steps you should take once it is final. If you are getting divorced, call us today at 630-920-8855 or contact us online to schedule a free consultation.

Source:

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