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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.

Being aware of important financial information is often a helpful first step. Some financial aspects to consider are how much money has been earned together over the past five years and what debts are owed. Another key aspect is to identify all financial accounts and how they are allocated, such as in stocks, bonds or property. 

Divorcing individuals should examine their various living expenses such as rent and utilities to determine how much it costs to retain that particular lifestyle. In order to maintain that lifestyle, one must also understand how assets will be divided between each spouse. A divorce attorney could help someone determine which assets may be marital property or individual property.

These are only a few of the elements to take into consideration when choosing to divorce. Because property division can be complex, retaining the services of an experienced Illinois divorce attorney could prove highly beneficial. An attorney could provide more information to anyone interested in obtaining a divorce by analyzing a person's circumstances to discover the best course of action for his or her situation. Additionally, an attorney could provide guidance and support throughout any related legal proceedings.

Source: kare11.com, "Navigating divorce while keeping finances straight", Kim Insley, Sept. 13, 2017

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