Avoiding Mistakes During Asset and Property Division
Due to the sensitive nature of the divorce process, Illinois individuals may be tempted to make hasty decisions based on emotion, such as anger, and current circumstances. However, it is possible to make smart decisions during a divorce, avoiding certain financial mistakes that can have a detrimental impact on an individual for years. Property division is complex, but it is possible to obtain to a beneficial long-term resolution.
One of the most common mistakes made during a divorce is negotiating and pursuing an agreement that is based on short-term goals. For example, an individual may want to keep the family home because of an emotional attachment. However, that person may not be able to meet the financial demands of a property owner after the marriage is dissolved. Rather, it is beneficial to seek a division of assets that equitably divides wealth and financial burdens.
Illinois couples who are at odds may be unable to work together closely on an agreement in order to avoid litigation and a lengthy court process. However, no arrangements should be made based on the desire for retaliation, frustration or haste. The counsel of an experienced family law attorney can be a practical source for guidance during this difficult process.
Before agreeing on a final settlement, individuals may benefit by looking at the terms in view of the future, not just short-term satisfaction. This is one of the hardest aspects of divorce for couples of all income levels, but it does not have to be navigated alone. Securing the assistance of a legal team early in the property division process can help avoid financial mistakes and ease the frustration of a divorce.
Source: USA Today, “5 biggest divorce mistakes financially“, Wendy Spencer, March 7, 2015