When Illinois women consider or initiate the divorce process, one of the most commonly voiced concerns regards finances. Women may be tempted to delay a divorce for many reasons, but it should be a priority to get finances organized before moving forward. With the proper planning and assistance, women can face the divorce process confident that they are prepared for the future.
What should women do before beginning the divorce process? One of the basic and most important steps is to gather all financial paperwork. This could include bank records, information regarding assets, income documents and more. Gathering these documents could save time and make it easier to divide assets or negotiate financial terms through mediation.
Women can take the proactive step of opening separate bank accounts and applying for individual credit cards. This is the first step toward building a separate credit score and can allow for saving money without the interference of the spouse. Divorce fees and other expenses associated with the dissolution of a marriage can be surprising, but savings can be useful for offsetting these costs. In addition to the financial preparation, it can be useful to research and employ any assistance that could be needed during the divorce process.
The divorce process can be daunting, especially for woman who may feel that they are financially unprepared. However, with proper planning and organization, any Illinois woman can empower herself to face the process ahead. It should be noted that by taking these proactive steps before the divorce process, the post-divorce future can be easier and more financially stable than anticipated.
Source: Forbes, “(Soon-to-be) Divorcing Women: What Are You Waiting For? Here’s How To Prepare To File“, Jeff Landers, June 26, 2014