If you have been married for a long time in Illinois, a divorce can be a scary proposition. Even if you may be the party instigating the divorce, the massive disruption that a divorce means for most peoples’ lives, is enough to give you pause.
The overarching, vague fear may have specific, component parts, and one of those very real fears is, if you are not the spouse who has “taken care of” expenses, that you may feel lost when facing the prospect of handling your own finances after a divorce.
Of course, to get to that point, you first have to have your own finances. Part of the divorce process involved the disassembly of your “family” finances and the creation of your “separate” finances.
If you are unfamiliar with your family finances, you may be afraid that your spouse may manipulate those assets. Your spouse may believe you don’t “deserve” a share of those assets, from a professional practice or family business, and that you will never miss them.
In this case, you need to speak with your divorce attorney and discuss the need for a financial professional who can assist with accounting for all of the marital assets and help ensure the property division is equitable.
If you suspect your spouse may be intentionally hiding assets, you may need a forensic accountant who can assist your divorce attorney to track down potentially hidden income, stocks, real estate, bank and investment accounts.
Your property division is the foundation of your future economic security, and you want that foundation to be solid.
Source: CBS News, “Divorce financial planner: 3 common fears,” Robert Pagliarini, August 23, 2013