When your Illinois marriage ends, you must figure out how to divide up any assets and debts you share so that you may start fresh on your own. The steps you take while your divorce is ongoing help determine your financial big picture. So, it is wise to take the time to figure out what you need to get by and take steps toward securing it.
According to U.S. News & World Report, there are several techniques you may want to use to help secure your financial future and limit how much of an impact your split has on you financially. When navigating your divorce, consider taking the following actions.
1. Develop a sense of your assets
You need to know the value of your assets to know what is worth fighting for, so it is important that you find out how much you have in savings, retirement and other accounts. You also need to know how much you owe credit card companies and other creditors so you have a firm sense of what you still owe.
2. Separate your accounts
Once you know your marriage is over, take the time to separate your bank accounts and credit cards. This should help you avoid having your ex drain your shared account or run up a hefty bill on a shared credit card before your divorce finalizes.
3. Consider tax implications
A divorce also has tax implications. Some assets may be tax-free while others are not, so it is important that you figure out which are which so you are not stuck with the majority of the tax burden.
Regardless of how you approach your divorce, you should expect it to impact your finances. By taking these steps, though, you may be able to minimize any damage done and position yourself well for a bright financial future.