People in Illinois who wish to make a commitment to each other but do not wish to get married can consider entering into a civil union. For some time, these agreements provided same-sex couples with the only opportunity they had to enjoy some sort of legalization of their relationships. Today, however, these couples can choose to get married yet may still feel that a civil union is the better option.
People who live in Illinois and face the prospect of divorce must struggle with many challenges. When unable to agree on how to stay married, the process of agreeing on how to divide assets is rarely easy either. Property division determinations can be very complex in today’s society. For many couples, homes and vehicles are far from the only assets to be considered. Retirement accounts, other investments and business assets all become part of the mix. Perhaps two of the most complicated forms of assets to value and divide are restricted stocks and stock options.
When most people get married, they are not thinking about what may happen if they get divorced. For some Lake County residents, however, marriage does end. For those who are separating, property division can become an issue. On top of the house, savings account and appliances, there are also other things to consider, such as debt. It is good to have an understanding of who will be responsible for debt once the divorce papers are signed.
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 couples in Lake County, and other localities, get divorced, one of the major steps is dividing marital property and assets. In some cases, if an agreement is not reached between the two sides, a judge may step in and decide how to divide their funds and properties. A judge will often use factors including the marriage’s length, both spouses’ careers and earning potentials, and the complex valuation of their assets and holdings to help them determine the distribution. If one spouse or the other conceals funds or other assets, it can affect the asset and property division.
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.