Getting divorce in Illinois? How to protect assets

On behalf of The Walters Law Group, Ltd. posted in Divorce on Tuesday, July 2, 2013.

Whether an Illinois individual has a wealthy spouse or not, it is important to prepare for intense legal battles with a possible spouse-turned-asset-bully. Many high-powered personality types don’t care about the money. They want to win – at all costs. It’s a game to them, and they enjoy playing the game, says a partner with a Los Angeles law firm.

That’s why it may be time to make financial preparations when an individual knows that a divorce is imminent. In other words, have cash and be ready to check emotions at the door. If anyone is dealing with a divorce bully, the first thing to do is to store away some money. However, don’t think that having stored cash will make the divorce easy. It makes gaining financial independence easier.

Make copies of all financial documents. Be able to show how much is in every account, whether separate or joint, before and after the divorce papers were filed. Do the same thing with retirement accounts. Also, establish a new bank account, retirement account and lines of credit. This step could be ignored if there were separate accounts already. File divorce papers as soon as possible.

Another tip is to seek legal advice from a divorce lawyer. The lawyer may typically investigate the facts surrounding the financial assets. For instance, the lawyer may investigate whether the other spouse is hoarding money to avoid paying alimony or college for their children. Also, he or she may provide legal guidance on how to proceed with the divorce and division of assets. Most importantly, a divorce lawyer may advise an individual on how to deal with a divorce bully.

Source: USA Today, “Protect your finances while divorcing a bully“, Elizabeth MacBrid, June 23, 2013