Financial Tips for a New Beginning

 Posted on January 10, 2013 in Family Law

Divorce is never easy, especially right after the holidays with the New Year looming. On the other hand, the New Year is a great opportunity for new beginnings, and if you’re considering divorce as one of this year’s resolutions, the most important first step is to contact an experienced divorce attorney. “It’s no surprise that January sees more divorce filings than any other month,” according to Forbes. And, as reported in a recent Forbes article, there are several things to do to get your finances in order before beginning divorce proceedings that will make the process much smoother. This is especially important for women, whose financial situation can often be more precarious than a man’s after divorce.

The first of these is to gather all financial documents. The mail can be chock full of year-end statements from all sorts of financial institutions this time of year, and it’s important, especially for women, to make copies of these and give them to a trusted relative. “Having important documents on hand early in the divorce process means you avoid any possible unpleasantness (not to mention time and expense) trying to get copies of them later,” according to Forbes. In the same vein, keep a close eye on credit card statements, and be sure that you have as good a credit score as possible.

According to Forbes, “good credit is the foundation of your financial future.” Opening up accounts in your own name is especially important, as are having single-name credit cards. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 prevents people from obtaining credit cards based on family income. While this caused some unintended problems for women who were stay-at-home moms or without personal income, changes were proposed in October 2012 that make it “easier for spouses or partners who do not work outside of the home to qualify for credit cards,” according to the Consumer Financial Protection Bureau. That’s good news for women planning to divorce in 2013.

If you or someone you know is considering divorce, don’t go through it alone. For assistance with financial issues and more, contact a dedicated Illinois divorce attorney today.