Emerging from property division proceedings in good financial shape

 Posted on December 04, 2020 in Divorce

Aside from matters involving children, property division is one of the most contentious elements of getting a divorce. Both spouses want a property settlement that they believe is balanced and fair. While this seems like a manageable goal, striking the right balance is difficult in many divorces.

For most people going through a divorce, emotions typically take center stage, meaning that your feelings can overtake your otherwise good judgment. However, you can get a handle on your feelings and emerge from the property division stage of divorce in good shape financially.

Tips to help you get a fair property settlement

Understand the marital property laws in your state. Illinois is an equitable distribution state, which means courts strive to approve settlements that are fair to each spouse. You should also know that the term "equitable" does not necessarily mean equal in terms of how judges address property division.

Consider your short- and long-term financial needs. Most people want to come out of the divorce with the largest share of the total marital property. For many, this may mean keeping the family home or other property requiring maintenance. It may be wiser to consider your long-term situation and make sure you can afford the costs associated with certain assets.

Let your family law attorney guide you during your property division negotiations. It is easy to lose sight of your goals when your emotions are in control. Having an experienced and dedicated legal advocate on your side can help you remain focused on your goals for your life after divorce throughout the proceedings.