Mistakes happen all the time. Some mistakes are minor with minor consequences; others can be costly both emotionally and financially. For the Illinois resident considering divorce, there are a number of errors that can be costly when it comes to property division.
One of the first mistakes that individuals make is not being aware of all assets that can be considered as marital property. In many cases, real estate, investment accounts, retirement accounts and bank accounts are held in the spouse’s name. Yet, these assets were accumulated during the course of the marriage. As such, it is likely that these assets are actually marital property.
Another error that individuals often make is not knowing the value of particular assets. The value of each asset is essential in reaching an equitable property division. Yet, many times the spouse is unaware of the value of the home, retirement accounts and other financial assets. Additionally, it is often a good idea to analyze the market to determine if a significant change in these valuations is anticipated.
Timing is also an important consideration. If a significant change in the value of an asset is anticipated, it may be prudent to hold off on filing for divorce. Additionally, if one’s spouse is expected to receive a sizable bonus or other such monetary incentive in the near future, it may be best to wait until this has occurred. Each Illinois resident’s circumstance is different. An experienced attorney can assist in analyzing the situation, making recommendations and negotiating the property division settlement.
Source: finance.yahoo.com, “Confessions of a divorce lawyer“, Lisa Scherzer, Feb. 27, 2018