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How to Prepare Financially for a Divorce

financial stepsThere is a lot to consider if you believe that divorce is the best step for your relationship. It is not a decision to be made rashly or in the heat of the moment. You must consider if that is what you really want and if you can handle the repercussions. After careful consideration, there are other steps to take to prepare yourself.

The first step is to get an accurate picture of your financial future. Pull your credit report from one or all of the credit bureaus. This will offer a snapshot of your unresolved debts, either from your single life or ones that you have taken on during your marriage. Marital debts are treated just like property or assets; they are divided between each spouse depending on their situations. It will also let you know if you can obtain a line of credit if you need to in the future.

The other half of your financial picture includes the assets that you have accrued before and during your marriage. If you own a house together, it is important to have it appraised. This will let you be sure that you are fairly compensated during the division of property. Also obtain copies of your tax returns, life insurance, bank account statements, and at least three months of paystubs. These documents can make the discovery process run smoother during the divorce process.

It is also important to secure separate assets or credit which can allow you to seek a divorce or support your family if the process takes a lot of time. After that you should contact an experienced divorce attorney in Kane County who can assist you in the next steps in the divorce process. Do not wait any longer to start the life you want, just make sure that you are prepared for everything.

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