Daily Archives: April 14, 2014

9 Things to Accomplish When Divorce Is Imminent

 

If you are convinced that the marriage is irretrievably broken and you are headed for divorce, below are 9 measures to take.

Consult a Chicago divorce attorney

Become educated concerning your legal responsibilities and rights.

Copy documents

You should go through household documents and make copies of all things you can find: bank statements, tax returns, investment statements, check registers, employee benefits handbooks, retirement account statements, mortgage documents, life insurance policies, credit card statements, financial statements, Social Security statements, wills, car titles, etc.

Know your household expenses and budget

If you can, go through the check register for the last year and jot down each mortgage, utility, and additional household cost for every month. Track the money spent on a day-to-day basis in order for you to have the ability to ascertain the monthly cash expenditures as well.

Decide how you can manage your family debt

If you can, determine your family debt and think about paying it down prior to divorce. Marital debt allocation amongst divorcing spouses includes one of the most challenging items to negotiate. As you take stock of debt, decide if any of the family debt was incurred by one partner or the other before the marriage date. It’d be ‘non-marital debt’ and will belong to the partner who incurred it.

Figure out what your partner earns

If your partner makes a regular salary, it’s simple to check a pay stub; if your partner owns a business, is self-employed, or gets any part of income in cash, try to do your best to track the funds flowing in for multiple months.

Create an appraisal of your potential for earning

Maybe you’ve been out of the working environment for some time and have been committing yourself to raising the children. Review what your present employability is and if furthering your education before divorce might benefit you in the long term.

Assess your credit history

If you don’t have credit cards within your name, apply now for them, use them, and set up your credit history. If you have bad credit history, attempt to now pay creditors and improve your credit rating before divorce.

Construct your own ‘nest egg’

You always should have accessibility to your own money. If your partner moves out and quits paying bills, you’ll have to pay them until the temporary support orders are entered. If you’re the one who’s filing for divorce, you will require funds for a retainer. Begin to save now and prepare to initiate proceedings for a divorce as you’ve built your own nest egg.

Put your children at the top of your priorities

Within the process of divorce, keep your kid’s routines as regular as you can. If your spouse and you can’t be together with the kids without arguing, make a schedule of different times for both of you to be with your kids.

If you have further questions about the Chicago divorce process, contact us today at our Chicago divorce attorney office at (312) 884-1222 for a free consultation.

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