While there are plenty of warnings out there about the consequences you could face if you move money around, hide assets or spend frivolously during your divorce, it is not required that you suspend all efforts to deal with your finances. In fact, if you are getting divorced in Illinois, one of the first things you should do is begin taking the steps to organize and manage your money to prepare for independence again.
In regards to your finances and the assets you share with your spouse, there are definite dos and don’ts to be aware of. A bit of research can provide you with a reliable list of behaviors to avoid so that you can stay out of legal trouble and effectively strengthen your reputation as someone with integrity. Drawing upon your knowledge of behaviors to avoid, as well as staying honest and respectful throughout your trial may be able to provide your case with evidence that could support a more beneficial outcome for you.
Mint.com has provided a helpful list of things that you can do immediately upon filing for divorce that can help you prepare for your future. These include the following:
- Begin to establish your own credit by opening a credit card in your name.
- If you do not already have a personal bank account, create one.
- Create a budget that accounts for all of your income and expenses each month.
- Suspend or close the bank account you shared with your spouse.
- Modify any beneficiaries you have listed on estate plans if they are no longer applicable.
The information in this article is intended for educational purposes only and should not be taken as legal advice.