Getting married in Illinois can be both exciting and scary -- exciting for those who believe they have found their soul mates -- but also scary due to the fact that the marriage may not work. This is particularly a concern for those who are entering into marriages with valuable assets, as a divorce can cause them to lose a bulk of these assets. This is why drafting a prenuptial agreement may be a wise move to make before getting married.
Divorce decisions are often the most expensive decisions people make. Just as a person may work hard over the years to build assets and achieve a healthy financial situation, it is important for an individual to tackle property and asset division during divorce strategically, thinking about the big picture. A few tips may help people in Illinois to make divorce-related decisions, while taking into consideration the financial consequences of those decisions.
The start of 2015 can be a fresh beginning for those who have decided to get a divorce in the new year. However, the process can be challenging because of the complexities of splitting marital assets and dealing with the emotions involved in each stage of a divorce proceeding. A few tips may help people to successfully navigate the divorce process and avoid common pitfalls in Illinois.
Illinois couples who are divorcing may have significant assets to divide. Although Illinois law states that this division must be equitable, it is important to keep in mind that in this case, "equitable" means fair rather than equal; the split may not necessarily be straight down the middle. A number of factors may be weighed by the court in deciding how to achieve an equitable division.
What are Qualified Domestic Relations Orders, and how do they relate to asset division in Illinois divorces? QDROs are used to give an alternate recipient the right to receive funds from a private-sector retirement account such as a 401(k) or a pension plan. The alternate recipient could be the plan participant's child, spouse or former spouse, so you can see why QDROs are important in dividing assets in the divorce process.