An Illinois divorce is usually a stressful process full of emotional and the financial struggles. Financial battles in particular can occur over valuable assets. A couple of tips might help people to protect their financial interests during divorce.
First, it makes good sense to list all of one’s debts and assets. In doing so it, is beneficial to specify who is responsible for each debt as well as who owns each asset. Any debts accrued or assets accumulated before the marriage typically remain with the parties who brought them into the marriage.
When dealing with the division of marital assets and property, what might appear to be equal very well might not be. As an example, a home that is valued at $200,000 is really worth only $100,000 if there is a $100,000 mortgage on it. Thus, the $200,000 house cannot be considered as equivalent to a retirement plan worth $200,000, even though it appears to be that way at first glance on paper. Moreover, the house requires upkeep, which must be considered when comparing it to other assets.
Although the Illinois divorce process can be challenging, understanding one’s rights when it comes to the division of assets and property is crucial to achieving a fair outcome. The parties have the option of choosing divorce mediation or direct negotiations in order to avoid costly and time-consuming litigation. However, if they cannot find common ground, a judge will have to step in to make the final decisions for them regarding their financial matters, and the outcome may not be what either party wanted in the first place.
Source: CBS Boston, “Breaking Up Is Hard To Do: Are You Splitting Assets Or Debt“, Dee Lee, Aug. 16, 2016