Going through the divorce process in Illinois can be costly both financially and emotionally. One of the major areas of contention during this type of family law proceeding is the division of assets. A few tips may help people going through divorce to specifically address matters involving retirement savings.
Prenuptial agreement valuable in the event of divorce
The word prenup usually elicits negative emotions when it comes to relationships. However, a prenuptial agreement can be a huge help for those who are ready to get married but want to protect their assets in the event of divorce. This is especially true for older individuals in Illinois who are bringing a lot of assets with them into their marriages.
Protections may help people receiving spousal maintenance
One of the biggest areas of disagreement during divorce in Illinois has to do with alimony, or spousal maintenance. Even if a person ends up receiving spousal maintenance, a challenge may arise if the person paying the spousal maintenance suddenly gets into an accident that keeps him or her from being able to return to work, for example. A few tips may help people seeking spousal maintenance during divorce to financially protect themselves in such a situation.
Decision about family home major part of divorce
Purchasing a house with a spouse in Illinois is one of the biggest moves two people will make together. It is therefore understandable why figuring out what to do with the marital home during a divorce is an important decision. In some cases, both individuals agree to simply sell the home and split the proceeds.
