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Organizing Your Finances in Preparation for Your Divorce

Posted on in Family Law
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Naperville Divorce AttorneyFacing an impending divorce can raise multiple concerns for both parties, especially when special circumstances arise that can further complicate the process. Arguments over parenting time or the inability to agree on other crucial issues, such as property division and alimony, are just a few examples of problems that often surface between a divorcing couple. Financial matters, in particular, are a major landmine for many separating spouses, as months or years of shared investments, purchases, and accounts have accumulated and must now be divided. Monetary concerns do not necessarily have to increase the tension between you and your spouse, however. Preparation is key to sorting out financial decisions during your divorce. 

Creating a Foundation for Financial Negotiations 

Even if you have not had the time to take stock of your finances before pursuing a divorce, there are still plenty of steps you can take that can provide a clearer picture of what you are working with, what your challenges will be moving forward, and how you can stay organized throughout the divorce process. The following tips can help tackle monetary issues that may be associated with your divorce:

  • Create a financial snapshot - The most vital part of addressing finances in a divorce is taking stock of what you are working with in terms of accounts, debts, and investments. Create a list of every account you have - both joint and separate - and total up your assets and debts. Do not forget to include any insurance policies you share, as well as real estate deeds, wills, or trusts. Initially, it may be overwhelming to take a hard look at the bulk of the financial obligations and investments you and your spouse share, but once you have taken inventory, you will have a starting point to work from.

  • Work with a financial accountant and/or adviser - Once you have a thorough list of your joint and separate monetary assets, working with a financial professional to collect and organize your documents is a great way to prepare for your meeting with an attorney. A knowledgeable accountant can help you understand the full value of what you own and answer any questions you may have regarding your budget and expenses both during and after the divorce. Additionally, working with a personal accountant can be beneficial long after the separation, as he or she can continue to help you build a new financial plan for your lifestyle post-divorce. 

  • Consult with an experienced attorney - After you take inventory of your accounts and have your financial documents organized, a qualified family law attorney can assist you in handling the complex legal aspects that can come with the divorce process. Allowing a legal professional to advise you on monetary decisions can not only ease the burden of financial negotiations, it can also help protect your best interests from start to finish.

Contact a Bloomingdale Family Law Attorney

Whether you have just begun to delve into your financial records in anticipation of your divorce, or you have hit a roadblock due to intense money-related disagreements with your ex-spouse, it is important to speak with a skilled DuPage County divorce lawyer. At Mevorah Law Offices LLC, we can help you protect your finances throughout the divorce process. To schedule a free consultation today, call our office at 630-932-9100.

Sources:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/01/preparing-for-divorce-first-get-organized/#122af32d5926

https://www.usatoday.com/story/money/personalfinance/2018/05/30/tips-maintain-financial-sanity-during-divorce/630005002/

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