21 May Protecting Future Interests During Asset and Property DivisionPosted in High Asset Divorce
Dividing up the life that was once shared between two people is one of the most difficult aspects of divorce. Illinois couples know that property division can be a complex process, particularly when a couple is dividing a substantial amount of money and valuable assets. By making smart decisions during the divorce process, it is possible to have a stable financial future after the final resolution.
It is estimated that about half of those who go through a divorce are left in worse financial condition than before the legal process is finalized. To protect one’s financial future, it is wise to prepare for divorce before papers are even filed. It is beneficial to separate financial accounts, gather pertinent documents and work on a financial plan that considers post-divorce financial conditions.
Illinois couples should be certain to consider all possible expenses that may occur after divorce. If a spouse is awarded custody of the children, that will come with additional costs. Receiving a valuable asset in the divorce settlement can come with tax implications and steep maintenance costs. With a complete understanding of post-divorce financial circumstances, an individual can seek the appropriate amount of financial support.
In some circumstances, a spouse may be suspected of hiding assets. In these cases, it is vital to have the assistance of a lawyer who is knowledgeable in complex disputes over property division and other financial factors. It is important to make wise decisions and have professional assistance as the decisions made during a divorce will impact an individual and family for years to come.
Source: fox19.com, “Divorce and Money: How to protect financial assets“, Nathan Bachrach, May 15, 2015