Understanding Marital Finance during a Divorce

Illinios divorce attorney, Illinois family law attorney, property division, divorce negotiations, As most people who go through a divorce are aware, ending a marriage involves a lot more than filing paperwork and relocating. Although each case is unique, many divorcing spouses must deal with complicated child support and custody negotiations, property division, or alimony. Understanding how the law relates to your divorce can make the process a whole lot easier. Marital finances during a divorce can become particularly stressful. In addition to transitioning into a single income, divorcing spouses may not understand how to manage credit cards and other financial accounts. This article will provide some helpful insight into the monetary side of divorce:

 Joint Credit Cards

 According to Creditcards.com, creditors do not necessarily recognize a divorce ruling. Debt is debt, and as far as a credit card company is concerned, couples are responsible for paying joint debt when the marriage ends.

Experts often advise divorcing couples to resolve all outstanding debts before finalizing the breakup. After settling the debt, it is time to make decisions regarding joint accounts. Some couples choose to close these accounts; others put the accounts in one spouse’s name. When making this decision, the guidance of a divorce attorney may prove invaluable.

Joint Bank Accounts

The courts consider any joint checking or savings accounts to be marital property. This means both spouses own an equal share of the accounts. In a contested divorce, the court may decide how to split the money, but couples can also make that decision out of court.

Divorce Law in DuPage County

For more than a decade, Matthew M. Williams has provided legal guidance to divorcing spouses in Illinois. Mr. Williams practices both collaborative and cooperative family law. If you wish to speak with an experienced DuPage divorce lawyer, contact the Law Office of Matthew M. Williams, P.C. at [[phone]] to schedule an appointment.

Share this Post : Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInEmail this to someone
This entry was posted in Aurora Family Law Attorney, Divorce, Divorce Finances and tagged , , , , , , , , , .

Comments are closed.

Logo Image 1444 North Farnsworth Avenue, Suite 307
Aurora, IL 60505
Phone: 630-409-8184
Facebook   Twitter   Google Plus   Our Blog