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.
One consideration couples should make is how to divide their investments. If one spouse invests more zealously than the other, it may not be beneficial for the other to keep an asset at that risk level. Many find that when selling assets, it is better to do so before dividing them. Liquidating after division typically leads to more significant taxes.
Another choice divorcing couples may have to make is what to do with their house. In most cases, couples have three options: one spouse can buy the house from the other, the house can be sold to a third party and the proceeds split, or couples can continue as co-owners. Depending on the emotional state of the couple and the attachment to the home, one or more of these options may be feasible.
Deciding how to deal with splitting property can be a daunting task. However, remaining objective can help both spouses adequately determine what matters most to each person. Any couple who has chosen to divorce could benefit from consulting with experienced Illinois divorce attorneys. Attorneys could not only assist with property division, but also provide guidance and support to their clients throughout their future legal proceedings.
Source: ajc.com, “How to Untangle Your Finances in a Divorce”, Bev O’Shea, Accessed on July 14, 2017