How Do I Protect Myself Financially in a Divorce as a Woman?

Divorce can be an emotionally and financially challenging experience. Women going through a divorce should recognize how to protect their financial future during and after a divorce. At Sabuco Beck, P.C., with over 90 years of combined experience, our attorneys have guided many individuals through the complexities of divorce. Knowing the right steps to take can make all the difference in securing your financial stability. Here’s what you need to consider.

Understanding Marital Assets

One of the first steps in protecting yourself financially is understanding what constitutes marital assets. Marital assets include any property, investments or savings acquired during the marriage. It’s crucial to distinguish these from personal or pre-marital assets, which typically remain with the original owner.

Compile a complete inventory of assets, such as real estate, vehicles, retirement accounts, bank accounts and investments. Don’t forget to account for liabilities like joint debts, credit cards and loans. Having a clear picture of your financial situation lays the foundation for equitable negotiations.

Reviewing Joint Accounts and Financial Documents

Joint accounts can be a significant concern during divorce proceedings. Review all your joint bank and investment accounts, identifying funds that may need to be divided. If you suspect your spouse could empty accounts or hide assets, consult your attorney immediately.

Additionally, collect all other essential financial documents, including tax returns, loan agreements and insurance policies. These records can help you understand your household’s financial health and structure a fair settlement.

Determining Your Post-Divorce Income

Your financial independence after divorce largely depends on understanding and planning for your income. If you expect to re-enter the workforce, investigate job prospects early and consider upgrading your skills through training or education. For many women, setting a realistic budget for post-divorce living expenses is vital to experience a smooth financial transition.

Property Division

Property division is often one of the most contentious parts of a divorce. Illinois follows an equitable distribution model, which means assets are divided fairly, but not necessarily equally. This could involve decisions about the family home, which may be sold, refinanced, or divided in another way. It’s important to clearly understand what assets hold future financial value, such as retirement accounts, when negotiating property division.

Navigating Spousal Support

Spousal support has a significant impact on long-term financial planning. Depending on your circumstances, you may be entitled to spousal support to help cover your living expenses. If you are awarded alimony, ensure terms are clearly outlined, including payment amounts, duration and contingencies, such as your spouse’s retirement or financial changes. If you are the party responsible for making support payments, strategize with your attorney to make sure payments align with your budget and timeline.

Protecting Your Future Starts Now

Taking charge of your financial situation during a divorce may seem overwhelming, but it is a key step toward building a secure future. By considering all facets of divorce, women can better equip themselves for the road ahead.

At Sabuco Beck, P.C., we are dedicated to helping you through every stage of this process with personalized, compassionate legal guidance. Contact us today to discuss your situation and discover how we can help you protect your rights and secure your financial future.