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Wakenight & Associates, P.C.

9405 Bormet Drive, Suite 7, Mokena, IL 60448

Mokena | 815-727-6144

DuPage County | 630-852-9700   Oak Park | 708-848-3159

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5 Ways You Can Prepare Your Finances For Your Illinois Divorce

Posted on in Divorce

New Lenox divorce lawyer financial issues

In the Chicago area, the cost of divorce can run from about $3,500, if there are no children and no disagreements over assets, debts, and money, to over $30,000 if there are these and other types of conflicts. The more you fight, the more you go to court, the higher the cost.

At the Divorce and Family Law Offices of Wakenight & Associates, P.C., we know divorce and family law inside and out. Every single day, our attorneys work with and help clients such as yourself. In every case, we aim high, and our first and primary objective is to attempt to reach an agreement on every issue.

At Wakenight & Associates, P.C., we also know that divorce and family law cases can be very difficult. When your opponent is combative, uncooperative, dishonest, etc., it can be impossible to reach an agreement on even the most obvious, simple issue.

Whatever your situation, whatever type of case you have, your Wakenight attorney will be there for you to champion your cause and handle your case with knowledgeable experience. We will secure for you, through settlement and negotiation or, if necessary, through litigation, final Court Orders that resolve every issue in your case, whether it is for the residence of a child, parenting time, parental decision making, child support or maintenance, possession of a home or vehicle, the payment of debts or division of assets, etc.

Whatever your situation, whatever type of case you have, you can help yourself by anticipating what information is needed in your case and gathering the necessary documents.

1. Gather All of Your Financial Documents -- and Make Copies

Before you do anything, you need to make sure you have all of the financial documents that you are going to need during your divorce. These documents include:

  • Bank account statements
  • Retirement and investment account statements
  • Credit card statements
  • Recent pay stubs
  • Income tax returns
  • Information about any loans you may have, such as a mortgage or auto loan

You should be sure to make copies of these documents and keep the originals in a safe place.

2. Figure Out What You Are Working With

Next, you should take an inventory of what you own -- and what you have to pay back. This list can be very helpful, especially when it comes time to divide your marital property. Make sure you know exactly which assets you and your spouse jointly own, which assets you solely own, and which debts you and your spouse may jointly owe.

3. Start Building Your Own Credit

Start thinking about your credit. Get free copies of your credit reports. Make sure you have a credit card in your name only. You will need a credit card to purchase certain items, to rent, to travel, etc. Most attorney’s fees are paid through credit cards.

4. Take Another Look at Your Budget

When you get divorced, you will go from managing expenses under two incomes to having one income. You should take another look at your budget and make sure you will have enough money to cover all of your necessary monthly expenses and any debts that you may be responsible for after the divorce. This can also give you a basis for bargaining during property division, or it may be a sign that you need spousal support.

5. Get Help From a Knowledgeable Will County Divorce Attorney

As you prepare for your divorce, as described above, you will be educating yourself on the facts of your case, on the facts of your life, and you will be helping your attorney represent you better. At Wakenight & Associates, P.C., we have more than 95 years of combined experience helping clients successfully complete their divorces. Our compassionate Frankfort, IL divorce lawyers understand how difficult the divorce process can be, and we can help you make it out on top. Call our office today at 815-458-5660 to schedule a free consultation.

Sources:

https://www.nerdwallet.com/blog/finance/7-ways-to-prepare-your-finances-for-divorce/

https://www.thebalance.com/how-women-can-prepare-financially-for-divorce-4158899

https://www.forbes.com/sites/jefflanders/2011/07/19/six-must-do-financial-steps-for-women-facing-divorce/#787ddf8cebc6

https://www.forbes.com/2006/11/07/divorce-costs-legal-biz-cx_lh_1107legaldivorce.html#2c345e905b06

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