Getting your Finances in Order before a Divorce
Divorce is emotional, and I may sound heartless for saying this, but it’s also very “financial.” One of the best things someone can do for themselves when preparing for a divorce is to understand and sort out their money matters. Once a divorce is underway, financial decisions become harder, more expensive, and sometimes irreversible.
In Illinois, divorce (aka dissolution of marriage) is governed by equitable distribution, not automatic 50/50 splitting. That makes preparation especially important, especially if your and your spouse’s circumstances were not the same during the marriage (and let’s be real, they rarely are).
Before you file, take a few intentional steps to understand and protect your finances so that your later self can thank your current self for gifting you clarity, leverage, and peace of mind.
1. Know What Exists, Even If You Didn’t Handle the Money
You don’t need to be the “money person” in the marriage to understand your finances, but you do need visibility.
Before filing, gather as much information as you can about:
Bank accounts (joint and individual)
Credit cards and lines of credit
Retirement accounts (401(k)s, IRAs, pensions)
Investments
Real estate
Business interests
Debts (student loans, medical debt, family loans)
In Illinois, marital property generally includes assets and debts acquired during the marriage, regardless of whose name they’re in and regardless of who paid for them. That means accounts titled only your name or only in your spouse’s name can still be marital.
If you don’t have direct access or if there has been financial abuse/secrecy during the marriage (more common than we might realize!), then start asking questions and collecting documents to the best of your ability.
Pro Tip: Download or screenshot statements while you still have access. Once divorce begins, access can change quickly, and temporary financial restraints may be put in place.
Another pro tip: make a google drive folder or something similar, in which you save all of these documents and label each one clearly (what it is + date). You will need this information later. If you are not already organized, there’s nothing like a divorce and working with a lawyer on your assets to get you to become organized.
2. Understand Your Monthly Reality
Many people don’t know what their life actually costs, especially if expenses were shared or managed by one spouse.
Take time to calculate:
Your current monthly spending
Which expenses will increase post-divorce (housing, childcare, health insurance)
Which expenses may decrease or disappear
In Illinois, this information is especially important for:
Temporary support (maintenance) requests
Child support calculations
Settlement negotiations
Courts rely heavily on accurate financial affidavits, and inconsistencies can undermine credibility. If you want to learn more about how to fill out a financial affidavit or want to fill out the “easy form” with a guided website, I recommend doing so here.
3. Build an Emergency Cushion if you can
Divorce often comes with financial delays: frozen accounts, legal fees, or financial support that doesn’t arrive right away. If I could give only one piece of advice to those who have endured financial abuse/domestic violence, it would be this point.
If possible, begin setting aside money before filing:
Aim for a personal emergency fund
Use an account in your own name, if appropriate & lawful (ask your lawyer about whether it’s lawful)
Do not drain joint accounts! That can backfire legally
Illinois courts take financial misconduct seriously. Moving reasonable funds for stability is different from attempting to hide or dissipate marital assets, so this is an area where legal guidance really does help.
4. Check Your Credit, and Protect It
Your spouse’s financial behavior can directly impact you, especially if you share credit.
Before filing:
Pull your credit report
Identify all joint debts
Note any missed payments or high balances
In Illinois, joint debt may still be allocated between spouses even if only one person incurred it - especially if it benefitted the household.
(Breaking this news to clients is one of the hardest parts of my work).
Knowing what exists helps you avoid surprises and plan strategically with your lawyer.
5. Don’t Make Big Financial Moves Yet
It can be tempting to quit your job, buy a new home, empty some accounts, or take on new debt.
But major financial changes before or during divorce can complicate your case. In Illinois, courts look at each spouse’s income, earning capacity, and financial decisions when determining maintenance and property division. Sudden changes can raise red flags or delay resolution.
When in doubt, PAUSE. and get legal advice first.
6. Assemble the Right Support Team
A divorce lawyer is essential, but financial clarity often requires more than legal advice alone.
Depending on your situation, you may benefit from:
A financial planner
A divorce financial analyst
A therapist or counselor (financial stress is emotional stress)
In Illinois divorces involving complex assets, businesses, or significant income disparity, coordinated support can make a meaningful difference in outcomes.
7. Information Is Power, Not Betrayal
Many people, especially women and caregivers, are conditioned to feel guilty about asking financial questions or preparing in advance.
Let’s be clear: Getting informed is not being disloyal. It’s being responsible.
Illinois law does not punish preparation: it expects transparency, accuracy, and fairness. Entering the process informed helps protect your future.
TLDR:
You don’t need to have everything figured out before filing for divorce, but you do need a clear picture of your financial landscape. The more information you can gather and organize, the better.
Preparation won’t erase the emotional difficulty, but it can dramatically reduce fear, confusion, stress, in the long-term.
