Are you facing the prospect of a divorce in Illinois? Whether it is your choice, your spouse’s choice or a joint decision to end your marriage, this can be a very upsetting thing. However, despite your emotions, it is highly important that you stay focused on how to best protect yourself in the process. This includes taking stock of your marital estate as you prepare for your property division settlement.
Fidelity explains that spouses can often be in the dark about their financial situations if the other partner manages the finances. This can leave people vulnerable during a divorce. According to the Women’s Institute for Financial Education, you should make it a point to collect as much documentation as possible about any potential asset or liability. This may help to prevent your spouse from hiding assets or incorrectly stating a value or debt.
One good place to start is by requesting your credit report. You may even wish to request your spouse to obtain his or her report and to have that shared with you. You should also collect either originals or copies of any documents that show ownership such as car registrations or house deeds. You’ll want to get paystubs or other income verification sources for your spouse and yourself together as well as statements from banks, investments and credit cards. When amassing your records, make sure you do not forget to collect copies of your estate planning documents, insurance policies and even any powers of attorney that may be in place.
If you would like to learn more about property division settlements, please feel free to visit the Illinois financial divorce information page of our family law website.