For many couples in Illinois, the decision to get a divorce is not one that is easily made. No matter what level of income or assets is at stake, a separation in Illinois usually entails property division. Couples should go into divorce proceedings with even a basic knowledge of how taxes may come into play in order to ensure that they are receiving what they are legally due.
Most Illinois residents have either friends or family members that have gone through a divorce. They have also likely heard many stories of the hardships associated with this experience. Identifying marital property and non-marital property as part of an overall property division settlement alone can be hard. The added struggles associated with determining child custody, child support, spousal support and more only increases the potential for challenges to arise.
When a couple goes through a divorce in Lake County, it can be a difficult time, especially for a wife, who may have spent many years caring for the children and the household. When it comes to dividing marital property, it is important for women to understand what they can and cannot lay a claim to. This may take some research and the help of an independent financial expert, but women can receive a more equitable division by getting some basic education on marital property.
Property division in a divorce is rarely a simple matter. Both parties are focused on an equitable division but may have different ideas as to what that actually means. There can be personal as well as business assets involved and some are easily quantifiable while others may not be. Simply put, dividing marital property is a complex matter.