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Property Division Archives

Property division and the business owner

Each Illinois resident has dreams for the future. Some dream of a loving family with a spouse and children; others dream of starting their own business or growing one that has been in the family for generations. Still others dream of both. These dreams often do become reality; however, they can also become a nightmare in case of divorce and the need for a property division settlement.

Property division in an Illinois divorce

Who gets what is a common point of contention when an Illinois couple decides to divorce. Often, the couple is unable to agree upon the property division aspects of the divorce agreement. Each individual may want the same item or may believe that he or she is entitled to receive a specific portion of the marital property.

Property division: What should be done with the house?

When divorce is inevitable, Illinois residents may wonder what to do with their assets and property. Deciding what to do with the house is a common discussion point. Family law attorneys can assist with this aspect of property division as well as others. 

Property division may have many different aspects to consider

A Illinois couple may face many difficult decisions once they decide to get a divorce. One common factor spouses must consider is property division. This may be a complex process, depending on the couple's finances and assets. In addition to consulting a divorce attorney to assist in the legal proceedings, there may be steps individuals can make to make the process easier.

Understanding finances and assets could aid in property division

There may be many events a couple plans during their lifetime, such as getting married, buying a house together or having children. Divorce is rarely on the list. However, when Illinois couples decide that divorce is imminent, there may be steps each spouse can take to aid in the process. Considering one's assets can help determine how to conduct property division.

Property division may be complicated without an attorney

Illinois residents who are contemplating divorce have a lot to think about. One of the main considerations to make is in regard to property division. Depending on the couple's finances, this may be complex. Fortunately, divorce attorneys can help individuals determine how best to divide assets fairly.

Property division may be easier with a prenuptial agreement

Several years ago, the idea of signing a prenuptial agreement may have been seen as unromantic and viewed as a lack of trust between partners. However, many couples in Illinois and around the country are now choosing to have these agreements created. Couples, particularly those in the millennial generation, are finding that there could be many reasons to secure their individual finances to make property division easier in the event of a divorce.

A prenuptial agreement could aid in future property division

Illinois couples looking to get married are likely focused on planning wedding details, such as vows, menus and venues. However, doing some financial planning before the big day could be beneficial as well. Creating a prenuptial agreement before a marriage takes place could save couples from future struggles with property division should a divorce ever occur.

Divorcing near retirement age could affect property division

It is very unlikely that most couples ever plan for divorce. However, even though most envision spending the rest of their lives with their spouse, many factors may lead to extreme changes. Those divorcing at or near retirement age may face obstacles related to their retirement plans and other property division challenges. An experienced Illinois divorce attorney may be able to help those facing these difficulties.

Couples must consider many factors with property division

Illinois couples who are considering divorce may find themselves facing not only an emotional burden, but a financial one as well. Luckily, they may be able to ease this concern by sorting out their property division in the early stages. Consulting an attorney could help couples figure out the best way to do so.