22 Aug The Importance of Preparation in Property DivisionPosted in Divorce
There is no doubt that getting a divorce is one of the most emotionally devastating experiences a person can go through; however, it can also be enormously difficult financially. Divorced couples in Illinois are making a dramatic shift from one or two incomes supporting a single household to one or two incomes supporting two, and that can result in dramatic adjustments.
Additionally, there are a number of complexities that can arise when two people try to unravel years of shared properties, bank accounts, debts and other financial assets. It can be crucial that all these assets are accounted for so that a fair and lawful division of assets can be completed.
Spouses should be focused on making sure that they have all their financial ducks in a row heading into a divorce. This means having information and paperwork for monthly expenditures, sources of shared debt, tax forms and other documents that may be relevant. It can also mean having access to and knowledge of digital assets.
Whether one or both spouses managed the finances in the marriage, is crucial for each person to be equipped with financial information in a divorce for many reasons. To begin with, it will likely have an impact on any child support or alimony that may be awarded. Secondly, this information can be crucial in determining whether an asset is categorized as individual or shared, which would impact if and how its value is divided. Finally, having comprehensive information could help identify any questionable activities or uncover hidden assets.
Preparing for the division of property in a divorce can be an exhaustive process, especially for people who may have complicated or significant assets to consider. However, it is also one aspect that has a long-term impact on each person. Given how much can be at stake, it could be a good idea to secure legal and financial assistance during this process.
Source: Forbes, “6 Money Matters Divorcing Spouses Often Overlook,” Aug. 19, 2014