Couples who are about to embark upon divorce in Illinois may have some concerns, especially in a high asset situation. It can often be difficult to iron out all the details without getting into a power struggle. The best way to avoid such issues is to ensure solid negotiation tactics are used when settling the details of the divorce.
According to Forbes, mediation may be a good approach to avoid fighting in court. This option usually results in quicker agreements being made, which leads to less stress and lower costs. Perhaps the best part of mediation is it gives the parties control instead of leaving decisions up to the court. This means if they can work out an agreement, the court will not step in. This can allow for more flexibility in how assets are divided.
When undergoing a mediation, though, it is important for both sides to speak up and not let the other side steamroll them. In addition, a complete review of all assets should be made to ensure none are hidden or left out of the agreement.
Time reports it is important for each party to think about the future value of assets when negotiating how to divide them. One common error made in the process is looking only at the current value. This is especially true when it comes to the family home. This asset will continue to rise in value, so giving up the home for another asset of equal current value could end up being a loss. This information is only intended to educate and should not be interpreted as legal advice.