Property division major part of Illinois divorce

 Posted on July 02, 2015 in High Asset Divorce

One of the most difficult areas during a divorce proceeding is property division. When two people have spent years accumulating assets and property together, trying to determine who will get what property or items can be confusing. A few tips may help individuals to navigate the process of property division during a divorce in Illinois.

First, appropriate provisions need to be in place for intervening expenses. For instance, one spouse might be in control of the couple's bank accounts, financial records and vehicle titles as well as other assets. It may be necessary to petition the court to require that all of this information and assets are shared between the two divorcing individuals.

It is also important to take note of what the date of separation is for the couple. This might become essential in determining the status of debts and property acquired after this particular date. Yet another important consideration when getting divorced is if a property agreement, such as a prenuptial agreement, has been created. This type of agreement may help to simplify the process of property division, but it may be deemed invalid if it was not created properly. It might also be deemed unfair to one spouse by a judge or might omit important assets.

As several factors must be taken into consideration when dealing with property division in a divorce, it is natural for a person to feel overwhelmed and at a loss for where to start. Proper legal guidance, however, may help individuals to make informed decisions about how to divide their property and assets. If a couple can find common ground, they can avoid the intrusion of a divorce court in Illinois.

Source: The Huffington Post, "A Few Questions to Consider in Divorce Property Division Situations", Brad Reid, June 29, 2015