The Three Most Important Considerations When Dividing Property in Divorce - How, What, and Where

 Posted on February 25, 2020 in Divorce

Divorce is a complex, all-encompassing process that can impact your mental, emotional, and financial well-being. Thankfully, the effects and potential consequences can be mitigated. For example, parties can seek therapy to deal with the feelings of grief and loss that often accompany divorce. When attempting to diminish the potential financial consequences of divorce, there are three major considerations that one should use in their case.

The How: Litigated or Mediated Divorce

While money should not be the driving factor in the divorce path that you choose, a mediated divorce is likely to cost less than a litigated one. Part of this can be attributed to court costs, but attorney’s fees may be higher in a contentious divorce, as the lawyer must often spend more time working the case. So, if the cost of your divorce is a concern, it may be beneficial to at least consider whether a mediated divorce may be in your best interest. Talk to your lawyer for help.

The What: Marital Assets to Be Divided

Any assets acquired during the marriage will likely be counted as marital assets in your case. (Speak to your lawyer about any possible exclusions.) Divorce laws require all of these assets to be divided equitably between the parties. Unfortunately, this term can be inflammatory in a divorce case, as two opposing parties are unlikely to agree on what is “fair.”

• Parties who struggle in seeing eye-to-eye can use some strategies to find common ground:
• Know the value of your own assets;
• Know the value of your spouse’s assets;
• Know your expenses;
• Account for the cost of raising any shared children;
• Consider any sacrifices that you made to advance your spouse’s career;
• Be realistic about your earning potential (consider ailments, disabilities, lack of education or job experience, etc.).

Your attorney can help you determine how, and to what extent, these factors may impact your settlement amount.

The Where: Illinois is an Equitable Distribution State

As previously mentioned, assets in an Illinois divorce are equitably divided. This is because Illinois is an equitable distribution state. Knowing how this may impact your case is important. Your attorney can assist you in developing both understanding and a strategy in your case.

Contact Our Wheaton Divorce Lawyers

If you are facing an Illinois divorce, contact Davi Law Group, LLC for assistance. Our skilled DuPage County divorce attorneys will thoroughly protect your interests. Set up an initial consultation by calling 630-657-5052 today.

Sources:

https://www.cnbc.com/2016/01/17/breaking-up-is-hard-to-do-protecting-assets-in-divorce.html

https://www.forbes.com/sites/jefflanders/2011/04/12/understanding-how-assets-get-divided-in-divorce/#7ceebb832b66

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59