During the divorce process, it is often easy to become so wrapped up in the emotions of the marital split-up that one fails to think logically about huge issues such as property and asset distribution in Illinois. In fact, one’s financial well-being in the future might be the farthest thing from one’s mind. Making poor decisions during a divorce proceeding today, however, may cost a person for years or even decades to come.
One of the biggest mistakes people make when getting divorced is agreeing to things that are not written in their divorce decrees. Likewise, people sometimes expect things to happen that are not stipulated in writing. It is important that everything agreed to is in writing, as the other party during an emotional divorce may not always act in a rational manner in the future.
For example, if a future ex says he will pass a certain asset down to one’s children when he passes away, this is based on a promise that might or might not happen if it is not recorded in writing. If the ex decides to remarry in the near future and start a new family, he might end up feeling less generous toward one’s kids. Sometimes people avoid demanding that promises be written down in order to avoid conflict with their future exes, but this can quickly backfire on them.
Understanding one’s rights during the dissolution of a marriage in Illinois can increase one’s chances of succeeding in this type of legal proceeding. This is especially critical if high-value assets are at stake. People going through divorce have the right to pursue their best interests when it comes to handling matters such as the splitting of assets and property.
Source: mainstreet.com, “3 Worst Financial Mistakes You Can Make in a Divorce“, Kathryn Tuggle, May 28, 2015