Tips for Handling Finances During a Legal Separation in Illinois

DuPage County legal separation lawyerMaking the decision to get a divorce is often one of the most stressful periods in a person’s life. For many people, it can take months or even years to come to the conclusion that a divorce is the best option. During this time, many couples turn to legal separation to begin the process of ending their marriage before they become legally divorced. During the separation, financial issues can be confusing and daunting to manage. Planning ahead regarding your finances is essential to ensuring a smooth divorce process. If you are contemplating divorce and think a legal separation is the best first step, here are a few tips to help you manage your finances during this period of transition:

Create a New Budget For Yourself

One of the first things you should do when you become separated from your spouse is to figure out a new budget. Once you are divorced from your spouse, you will likely only be living off of one, rather than two, incomes. You should reconfigure a budget that allows you to live comfortably based on your new expenses and your own income.

Begin Separating Your Accounts

If you are married, chances are you and your spouse had at least one joint financial account. Many couples share checking accounts, savings accounts, credit cards, investment accounts, and even retirement accounts. While you are separated, you should begin the process of separating your accounts. Open your own personal checking and savings accounts and close any credit card accounts that do not currently carry a balance.

Start Dealing With Marital Debt

If you and your spouse have any type of marital debt, you should focus on paying off as much of that debt as possible before you get divorced. Even when you get divorced, you both will still be legally bound to repay any debt that is in both of your names. Try to close your credit cards as soon as possible so that you are not responsible for any charges that your spouse may rack up on your joint account during the separation.

Contact a DuPage County Legal Separation and Divorce Lawyer

If you think a legal separation is a good stepping stone on your way to a divorce, you should contact a knowledgeable Aurora, IL family law attorney for help. It is important to know your rights during this transition period so you can properly prepare your finances for the future. At the Law Office of Matthew M. Williams, P.C., we understand how important it is to begin dealing with money issues during a legal separation. Call our office today at 630-409-8184 to schedule a consultation.

Sources:

https://www.nerdwallet.com/blog/finance/money/3-tips-managing-money-while-separated/

https://www.forbes.com/sites/jefflanders/2017/04/04/dos-and-donts-of-marital-separation/#51cba8114668

https://money.usnews.com/money/personal-finance/articles/2016-05-27/managing-your-finances-when-youre-separated

 

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