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Finances an important part of property division

At first, the idea of a divorce may have come as a shock. While this may be the case, there are often signs pointing in this direction. One of the most important signs in many cases has to do with finances. When it comes to an Illinois couple's divorce, property division and the role that finances play can be an important consideration.

In many households, one party handles the finances. Additionally, it is quite common for the other party to have a limited understanding of the couple's financial picture. While this individual may know the basics, there may be accounts, investments and debts that he or she is not aware of. When this happens, it may be possible for one's spouse to begin diverting financial assets to these accounts. In fact, such activity may have been occurring over an extended time period.

It may be difficult at first to discover if there are concealed assets or debts. One of the first things the individual will want to do is collect tax documents, account statements and other financial data going back several years. This often will provide a financial history than can be useful in determining if there are other assets and financial accounts that need to be considered in the property division process.

Once the shock of divorce has worn off, it is time for the Illinois resident to be proactive. Protecting one's financial future will need to be a priority. Along with all the other aspects of the divorce, experienced legal counsel can assist in reviewing the financial aspects of the case and seeking an appropriate property division settlement.

Source: flagstaffbusinessnews.com, "Financial Considerations in Divorce", Jan. 18, 2018

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