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Preparing for divorce financially

When discussing many family law issues, the conversation often revolves around what to do and how to act during litigation. And while some divorce issues must be resolved in court, there are quite a few things that Belleville, Illinois, residents can do before and during the early stages of divorce to help guarantee that the entire process goes as smoothly as possible for everyone involved.

Countless concerns and questions over how to properly divide property can come to mind during divorce. What many people do not consider, however, is that debts can be divided as well. That is why it’s very helpful to gain access to updated credit report information early on. Identifying personal loans and other debts belonging to your spouse is important because no one wants to be held liable for the late and/or missed payments of their ex down the line.

Once individuals have a clear understanding of their individual and shared debts, they can move on to assessing their assets. All forms of property and income should be identified and documented prior to establishing alimony and other arrangements. It’s also important to gain a true appraisal of the value of different forms of assets like 401(k) plans.

All insurance policies should be evaluated and updated to account for the needs of you and your children without continuing to provide coverage for your ex. It is also at this point that the ex-husband or wife should be removed from the identified as a beneficiary on any investments.

Seeking the advice of a trusted family law attorney can help facilitate these and other helpful measures during the divorce process. Not only can an attorney explain important property and tax concepts but he or she can also take steps to ensure that marital assets are distributed equally and fairly.

Source: alicetx.com, “Five financial considerations when you’re going through a divorce,” Paul F. Rycroft, June 7, 2014

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Johnson, Johnson, & NolanAttorneys At Law

Johnson, Johnson, & Nolan
11 South High Street
Belleville, IL 62220

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