Ending a marriage in Chicago can be an emotionally and financially difficult time. With all the legal and financial decisions, taking the necessary steps to protect your assets throughout the divorce process is essential.
Before divorce
To ensure you are protecting your assets before divorce, it is essential to start by collecting financial information on you and your spouse. This should include bank statements, credit card statements, tax returns, investment accounts and other pertinent financial documents. This information will be necessary to divide assets during divorce proceedings. In addition, you should create a budget and consider the costs associated with filing for divorce.
During divorce
During the divorce process, it is crucial to stay on top of any financial decisions being made. This includes staying informed about the division of assets and debt and spousal maintenance payments, if applicable. It is also important to open a new bank account and establish new credit cards in your name to ensure you are not responsible for any debts or financial obligations incurred by your spouse.
During this period, you should beware of the assets that can be liquidated or sold for cash quickly. For instance, if you have a retirement account, you should not withdraw funds until after the divorce.
After divorce
Once the divorce is finalized, reviewing your estate plan and updating it as necessary is important. This may include updating your will, power of attorney documents and beneficiary designations to ensure your assets are distributed according to your wishes. Additionally, you should review your credit report regularly to ensure that any debts incurred during the divorce are not affecting your credit score. Finally, you should consider setting up a savings plan to ensure financial security in the future.
By following these tips for protecting your assets before, during and after divorce, you can secure your financial future. With careful planning and preparation, you can ease the financial burden associated with the divorce process.
