Posted on September 28, 2013 in Divorce

No one is fully prepared for divorce. However, chances are that you will know when a divorce becomes imminent for you and your spouse. There are a few things that you need to do, according to Chicago Now, before you file for divorce or announce your intentions to do so.

'Gather copies of your tax returns for a minimum of three years. You will also want to gather the statements for all of your bank accounts, retirement and brokerage accounts, and IRAs. Having this paperwork on hand will save you money. If you have to have the attorney obtain them, you will have to approximately additional fees.

Order a current copy of your credit report. You need to have all of the information about joint accounts that you have with your spouse. You want all debt to be dealt with during the divorce negotiations so that you are not adversely affected.

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 Posted on September 13, 2013 in Divorce

There 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.

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 Posted on August 26, 2013 in Property Division

When going through a'divorce, dividing assets is clearly one of the things that's going to be a headache. On top of the emotional and familial fall-out following a marital split, there's the obvious burden of divvying up the life you have built together. While deciding who gets the house, the car, or the vacation cabin may be first on your mind, there's also the issue of dividing up your actual accounts.'According to Wiley Publishers''For Dummies,'one important step if you anticipate a nasty divorce is to first open both a savings and a checking account in your own name'if you don't have one already'and transfer just enough out of your shared account that you'd be able to meet your very basic needs. 'If you haven't informed your spouse of this financial move, after he or she learns about it, expect some fireworks that'll make your'divorce'negotiations more difficult,' warns Dummies.com.

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