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Credit Ratings After Divorce: Protecting Your Financial Options
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June 2012
Gary Schlesinger begins his third year as a member of the Lake County Illinois Bar Association Board Of Directors.

Gary Schlesinger has been chosen by the Lake County Divorce Judges to be a member of a committee planning a seminar for September 2012 for lawyers wishing to represent children in divorce cases. Gary will also be a speaker at the seminar.

May 2012
May 11, 2012, Gary Schlesinger will attend a meeting of the Illinois State Bar Association Family Law Section Council in Peoria, Illinois

IICLE: Faculty Invitation- Gary L. Schlesinger is speaking on Drafting Marital Settlement Agreements on May 2, 2012 in Chicago.

April 2012
Gary Schlesinger is speaking at the annual Lake County Bar Association family law seminar. the topic is direct and cross examination of a child custody evaluator.

Gary L. Schlesinger has been appointed to the Illinois State Bar Association committee on the Attorney Registration and Disciplinary Commission for the 2012-13 year which starts July 1st. Gary was appointed by John Theis, incoming President of the Assn. Gary has been on this committee for about 15 years and he was committee chair for 2000-01.

January 2012
Michael S. Strauss is speaking to the University of Illinois College of Law on the topic of Professionalism, Saturday, January, 28th, 2012.

Gary L. Schlesinger and Michael S. Strauss attended an 8 hour ethics seminar on January 16, 2012.

Michael S. Strauss and Gary L. Schlesinger served as volunteer mediators in the Lake County Illinois Divorce Court in January 2012.

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Divorcing spouses have many issues to consider during the divorce process, including spousal and child support, child custody and visitation, and whether the process can be handled through family law mediation. But regardless of the presence of children, substantial assets or other factors, all parties must play close attention to division of marital assets and marital debt.

Starting a new, independent life after divorce can present financial challenges, and it is crucial to ensure that your credit score does not suffer. Adequate credit can help a newly divorced person achieve important goals, including buying a new home or getting an education to improve employment prospects. In these times of shifting economic security, there is no reason to try to move forward hamstrung by financial uncertainty.

The first important step is to be aware of and keep an eye on your combined credit score, a vital piece of information regardless of divorce. Not only will that give you a baseline figure to protect and improve upon, but reviewing each credit bureau's data will provide a ready reference for outstanding debt and the extent of joint accounts.

With all information from Experian, TransUnion and Equifax in hand, spouses can assess whether certain accounts can be paid off and closed, or if one spouse's name should be removed from a particular account. Even if the property settlement agreement in a divorce order obligates one spouse to be responsible for a certain debt, if that spouse does not pay it timely, the credit score of the other spouse may be lowered.

An Illinois family law attorney can explain the importance of protecting credit scores and other strategies to solve the financial challenges of divorce. Illinois law requires an equitable division of marital property upon divorce, and division of marital debt is a fundamental part of that equation.

Credit card balances, outstanding auto loans and home improvement debt contribute considerably to the wealth assessment of most couples. With a diligent and experienced divorce lawyer protecting your interests, you can proceed confidently with the knowledge that you will be able to start over on sound financial footing.

Gary L. Schlesinger
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Schlesinger & Strauss, L.L.C.

1512 Artaius Parkway, Suite 300
Libertyville IL 60048


Toll Free: (888) 361-4745
Phone: (847) 213-9065
Fax: (847) 680-5459
Libertyville Law Office