Getting Divorced in Illinois? Make Sure to Consider These Property Division Concerns

 Posted on May 21,2021 in Divorce

Typically, when a couple gets married, very little emphasis is placed on the financial implications of the marriage relationship. We prefer to think of marriage as a romantic union rather than a legal or economic arrangement. However, the financial consequences of marriage and divorce can be profound. If you are getting divorced in Illinois, it is important to be aware of the various asset division issues you may encounter.

How Will You Divide Your Property?

When most people think of property division during a divorce, they imagine divvying up furniture and other physical property. However, property division includes much more than physical property such as this. You may also need to consider how to handle investments, life insurance policies, retirement accounts, cryptocurrency, real estate, businesses, and professional practices. Assets that are hard to value or have fluctuating value will be especially difficult to value and divide in divorce.

How Wil You Address Property with Sentimental Value

It is crucial to remember that some property is meaningful not because of its financial value but because of its sentimental value. Have you considered who will keep family heirlooms, keepsakes, collectibles, or other sentimental items? What about the family pets? Although Illinois law does distinguish pets from other types of property, family pets are still subject to property division laws during divorce. Because these are often highly emotional questions, dividing property with personal or sentimental significance can become contentious.

How Will You Allocate Debts?

Property division does not only deal with assets. You must also consider how you will divide debts such as your home mortgage, credit card debts, and loans. Property and debts obtained by either spouse during the marriage are contained within the marital estate and are therefore jointly owned by both spouses. For example, if your spouse acquired a hefty credit card bill during the marriage, you may be jointly liable for the debt – even if you did not know about the credit card! Furthermore, getting divorced does not absolve you from your obligations to creditors or lenders. If your spouse agrees to pay off a debt and fails to do so, the creditor may pursue payment from you long after the divorce is over.

Contact an Illinois Property Division Lawyer

If you are getting divorced, there are a number of financial issues you will likely need to contend with. For help with the division of assets and debts, child support, spousal maintenance, and other financial concerns during divorce, contact an Arlington Heights divorce lawyer from A. Traub & Associates. Call us today at 847-749-4182 for a confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm