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Important Steps to Take Once Your Illinois Divorce is Finalized
Recently, The Boston Globe featured an article that noted several important steps a newly divorced person should be sure to take once their divorce is finalized to protect themselves and their financial future.
First, you should close all joint credit accounts that you shared with your now ex-spouse. Be sure all your credit card bills and/or debts are paid and are closed, either by yourself or your ex-spouse if they are responsible. You should also close all joint bank accounts you previously shared and open new checking and savings accounts in your separate name. Failing to do so could have serious repercussions for your finances and credit score. If appropriate, change your name with the Social Security Administration (SSA) before opening new accounts.
What You Need to Know about Taxes and Divorce: Part I
Filing taxes is a process that can quickly become complicated, particularly if someone divorced during the tax year. Generally, the rules for divorced taxpayers have not changed much over the past few years; however, divorce has, with changes in the way property and custody is divided. This makes figuring out what a person owes in taxes more complicated than ever. Time recently shared several tips to help those who are divorcing or already divorced when filing their taxes, which we will discuss in a two-part series.
For marriage status, follow the calendar. Even if a person’s divorce was finalized in 2011, in regards to 2010 taxes, they are still considered married. However, if someone’s divorce was finalized in December, they are not able to file as married, even if they were married for the majority of the year.
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