What Every Chicagoan Should Know About Protecting Your Assets During The Chicago Divorce Process
One of the toughest parts about the Chicago divorce process is dealing with the anxiety of a potential financial fallout post-divorce. In the Chicago divorce process, divorcing couples must determine critical financial issues, such as the division of assets and properties, the divvying out of debts in the marriage, who-gets-what when it comes to things like cars, heirlooms, and other high-worth items, child support, and other key money matters. If a divorcing couple is unable to come to an agreement about important financial terms of their divorce, they leave the issue up to a judge’s discretion, and it becomes something that is out of their hands. In either case, there are, however, steps that divorcing individuals can take to protect their money and finances during the divorce process. In fact, experts on the topic have compiled a list of the top 12 things that a divorcing individual can do to protect their finances during the divorce process. Those top 12 action items include these five key steps:
- Learn about how much money you have. The experts caution that you may not know how much you actually have, and may have more assets than you realize. It is important to know at the outset what your own financial position is so that you can take the steps to protect it.
- Don’t hide the ball with your assets: Hiding money can be tempting, the experts say, but it is a bad idea. Hiding money can actually end up causing a divorce to increase in cost and duration, as the revelation by the other spouse that assets have been hidden can raise the tension and controversy in the divorce process, and, importantly, can destroy credibility with the judge.
- Don’t forget about taxes: Uncle Sam always wants his cut, and that applies to assets in a divorce. Make sure that you are not getting only taxable assets, which decrease the net amount.
- Update your beneficiaries: If your soon-to-be-ex is a beneficiary on your life insurance policy or on other financial forms, you should consider changing them out for other beneficiaries. Even after a divorce, if your spouse is still listed as a beneficiary, they will get benefits.
- Get professional help: An experienced Chicago divorce lawyer can help you protect your financial interests and strategize for the best chance of success in your particular case. It is important to consult with an experienced Chicago divorce lawyer about your rights and options, especially if you are engaged in a high-net worth divorce where there are a lot of assets to protect.
Help with Your Chicago Divorce
If you are in the Chicago area and you would like to consult with an experienced Chicago divorce lawyer, contact the lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC. The experienced lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC offer a confidential consultation to learn about your Chicago divorce and to see if they can help. Contact Birnbaum Gelfman Sharma & Arnoux, LLC today and speak to a lawyer about your rights and options.