Getting divorced in Illinois can understandably make a person feel turned upside down emotionally. However, a person can also feel in limbo financially. Some tips may help people to protect their financial statuses when going through the process of divorce.
One important aspect concerning finances that often gets overlooked during separation and divorce is joint debt. While two people are taking the necessary steps to split up, they need to continue to make payments on any outstanding debt accounts that they have in their names. They can check their credit reports for lists of these joint debt accounts, which may include credit cards.
It is wise to close any joint accounts as quickly as possible. Maintaining joint credit cards can be dangerous since a soon-to-be-ex may decide to splurge on an expensive item and both parties are responsible for paying off that debt. A person in Illinois would be wise to do his or her best to become independent financially by creating his or her own checking account and setting up a credit card in his or her name only.
Even though divorce can be a difficult period in one’s life, efficiently managing one’s finances can help to make the process more palatable. Strategic communication and cautious planning can help a person to feel more in control during the dissolution of a marriage. If the divorcing parties are able to see eye to eye in some areas, they may be able to reach a mutually beneficial divorce settlement through negotiation or mediation.
Source: csmonitor.com, “Three tips for managing money while separated from your spouse“, Shawn Leamon, Sept. 25, 2016