Cook County Attorneys Discuss Divorce Preparation
Making the decision to divorce may be simple compared to all the emotional and financial issues you will have to face once the divorce process begins. Divorce is a business transaction and the better prepared you are, the more favorable the final settlement will be for you and your family. Before you begin the actual divorce process, you should prepare in the following ways:
- Organize Important Documents - Make sure you get copies of all important financial documents, such as tax returns, bank statements, insurance policies, salaries/check stubs, investment accounts, retirement accounts, and any other financially relevant documents, and secure them in a safe place, away from your spouse.
- Keep Track of All Expenses - Hopefully you have been holding onto receipts and recording your expenses (and those of any children) throughout your marriage, but even if you haven't, it is important that once you've decided to divorce that you do so. Prepare an inventory of all assets and property accumulated during the marriage, and make sure to save receipts or other records of major purchases.
- Review Your Credit Report, Establish Credit - If you do not have credit history, you will need to establish it by obtaining a gas card, credit card, or even a department store credit line. Make sure you know what is going on with your spouse's credit history and your own, if you have one.
- Keep Marital and Non-Marital Property Separate - Do not put your spouse's name on any non-marital property (anything yours before the marriage or anything you inherited or received as a gift during the marriage), and do not use non-marital funds for family purchases or expenses.
- Maintain Financial Independence - If you are employed, do not quit your job. Being able to maintain assets such as your house can be invaluable during divorce negotiations.
- Do Not Sign Anything - Do not sign any documents, regardless of what kind of documents they are if your spouse asks you to. Your spouse may attempt to get you to sign away property, assets, or rights that could destroy your chances for a favorable divorce settlement.
Making sure that you are ready for the divorce process is not easy and it is also not quick, but it is essential to obtaining a favorable divorce settlement agreement.
If you have decided to divorce, the knowledgeable divorce lawyers in Cook County at Nottage and Ward, LLP can make sure you take all the necessary steps to prepare for the divorce process as well as represent your best interests when the process does begin. To find out more, call us today at (312) 332-2915.
- Bankruptcy in Divorce
- Child Custody
- Collaborative Law
- Dissolution of Marriage
- Family Law
- Preparing for Divorce
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