Tag Archives: divorce and finances

DuPage County divorce attorneyGetting a divorce can wreak havoc on many areas of your life, but your finances can take an especially hard hit. When you are married, your accounts, loans and bills are all typically in both you and your spouse’s name, but that can be disastrous, especially if your divorce is particularly contentious. 

After your divorce, you have to separate your finances from your spouse, but it is not uncommon for people to come out of a divorce with quite a bit of debt and some damaged credit. Without good credit, it can be difficult for you to get loans in your name or obtain housing, among other things. Here are a few things you can do to return your credit back to a healthy state after your divorce:

Live Within Your Means

Now that you are separating your finances from your spouse’s, you need to look at your expenses and income and determine whether you are making enough to live. You should create a budget that outlines all of your necessary monthly expenses, your optional monthly expenses and money for spending. Keeping a good credit score is mostly dependant on paying your bills on time and keeping your debt low. Living within your new means will help.

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Hinsdale IL property divsion lawyerDivorce is financially stressful in virtually all cases. Many American families rely on two incomes to make ends meet. When you divorce, your income is reduced to your income alone, which can mean big changes for your lifestyle. In addition to having your income reduced, your expenses also tend to increase. 

It is not impossible to achieve financial security after your divorce, but it can be difficult without taking the proper steps. Here are five ways you can take care of your finances after your Illinois divorce:

1. Take Inventory of Your Finances

When you are married, your finances become intertwined. The first thing you should do after your divorce is to take an inventory of your assets, liabilities, income and expenses. This will help you know where you stand when you move on to step two.

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college account, DuPage County family law attorneys, Martoccio & Martoccio, college savings, college planning, college accounts, divorce and finances, college expenses, vocational school expenses, grandchild's college expenses, Illinois divorceIf your adult child is going through a divorce, and you have set up a college account for your grandchild, do not give your child's spouse a free ride on college expenses. Protect your grandchild’s college funds.

Under Illinois law, if there is a divorce, your child and his or her spouse are both obligated to contribute toward the university, college or vocational school expenses of their children. (See 750 ILCS 5/513 of the Illinois Marriage and Dissolution of Marriage Act.)

If you create a college account for your grandchild and there is a divorce between your child and his or her spouse, that account may be designated by the divorce judge to be used first for payment of the grandchild's college expenses, before the your son-in-law or daughter-in-law's obligation to pay for college expenses kicks in. In fact, your child’s soon to be ex-spouse may get a free ride if you have put enough funds into your grandchild's account, which you created, to fully pay for college.

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