Making Smart Moves During Property Division
One of the most emotional and complex aspects of divorce is navigating the process of separating finances, assets and all other property. From separating checking accounts to equitably dividing valuable marital property, it is important to consider both short-term goals and long-term interests. Many complicated laws pertain toproperty division, making it important to consult with a knowledgeable lawyer for valuable insight.
Illinois couples should always consider the overall cost of a divorce. In addition to the standard fees, litigation over marital property will lengthen the process and add to the cost. It is wise to consider the true value of an asset and weigh it against the additional expense of a court battle. In many cases, disputes can be resolved out of court using an alternate method of dispute resolution.
Properly identifying all assets and property is a crucial step in a divorce. Hidden assets or assets in other states or countries can have a major impact on the ease and length of a divorce. Illinois individuals should consider commonly overlooked assets such as future pension savings, club rewards, life insurance and intellectual property. Valuable assets are often accompanied by heavy tax implications, which should also be carefully considered.
Property division is complex, but being well-prepared can streamline the process and lower the overall costs of the divorce. Due to the stress and emotional strain of a divorce, it is easy to overlook important factors, which is why it is best to seek the assistance of a knowledgeable lawyer. It is recommended that every individual facing a divorce first have a complete case evaluation.
Source: Huffington Post, “A Few Questions to Consider in Divorce Property Division Situations“, Brad Reid, June 29, 2015