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Handling of Assets When You File for Divorce

McHenry divorce mediation attorneyMarried couples generally merge all aspects of their lives. Therefore, bank accounts and other assets are often in both persons’ names. It is important, as you begin the divorce process, to move toward separating these assets. A McHenry divorce mediation attorney can provide you with assistance.

A McHenry Divorce Mediation Lawyer on Handling of Liquid Assets

It is important that you begin setting aside money for yourself. While it is true that, until the divorce is final, all assets that were obtained during the marriage are community property, you should begin setting aside some cash in a safe place. You should also open a checking account that is only in your name. As your McHenry divorce mediation attorney will tell you, this is important because sometimes bank accounts can be frozen during a divorce.

A McHenry Divorce Mediation Attorney Discusses Credit Card and Savings Accounts

It is helpful if you and your spouse can reach an agreement on how to handle bank accounts that are in both of your names. Ideally, the two of you will close the accounts and split the money evenly.

You should obtain a couple of credit cards in your name. Debt from joint cards can be transferred to individual cards, but the main advantage is that this renders you all the more independent from the other individual. You should also gather statements of all jointly held accounts and place a freeze on joint investment accounts.

Consult an Attorney If You Need Assistance

A McHenry divorce mediation attorney will provide you with more useful advice and can assist with any questions or concerns. Call Stetler Law Group today at (815) 529-4554.