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Making smart financial decisions during your divorce

Once you and your partner have made the decision to pursue a divorce in Illinois, you face an entirely new set of challenges as you work toward living life as an independent person again. One of the trickiest parts will be separating the finances between you and your ex. This usually includes retirement accounts, investments and assets that have accumulated throughout the marriage. Fortunately, there are things you can do to adequately prepare yourself to be independent, as well as put yourself on the right track to have financial security. 

According to U.S. News, one of the very first steps you should take is to organize all of the important financial documents that you have. These include everything from tax forms, to appraisals and even banking and credit card statements. Compile these documents in a place where they are easily accessible to you for reference. Other things you can do include the following:

  • Assess your retirement plans and any estate plans that you have made. Review who you have listed as beneficiaries and make note of the places that need your attention. 
  • Be aware of what your credit score is. This is valuable as you begin to make independent financial decisions such as getting your own place to live or buying a new car.
  • Make a budget that reflects how much money you have available to spend. As you adjust to your new financial limitations, it may be wise to reduce your spending and reassess which necessities are priorities. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.