Dividing Your Assets in a Divorce – Most Couples Get This So Wrong!

When it comes to divorce, few people know what they’re getting into before they file. There are dozens of things to wrap your head around, and most couples don’t factor in every issue that will come into play during the process. If you don’t have an asset division attorney for Hoffman Estates, IL cases, the odds are that determining who owns what will slow down your divorce. Having proper professional advice will ensure that your family’s assets are fairly divided between you and your partner.

Know the Laws

Each state has different laws that govern property distribution when a divorce is imminent, and it’s smart to know your responsibilities and rights before signing anything. In 80 percent of the United States, the courts require that assets and debts be distributed via principles of equitable distribution. Rather than a straight 50-50 split of the entire value of all property, a variety of factors determine who gets what, including how long the marriage lasted, who any children live with, and each party’s ability to earn a living post-divorce. Also, exclusions apply to assets and debts obtained before the marriage.

Consider Mediation

If you can agree with your spouse on how to split your debts and assets, you can avoid lengthy litigation and court costs. While amicable divorces often wrap up in a matter of months, there is no limit to how long an antagonistic divorce can take, with some cases finally resolving only after years in court. It’s in everyone’s best interest to work with a professional asset division attorney for Hoffman Estates, IL divorces, with each partner receiving fair representation for their wants and needs. Leaving yourself at the mercy of the court means you won’t be in control of the outcome, so do whatever you can to make agreements without a judge’s intervention. Determining your priorities can give you negotiating power – if you know that keeping your children in the family home is important, you can more quickly capitulate on assets that your spouse might want to maintain.

It’s a common cliche that couples have to duke it out in court to finalize a divorce, but the reality is that anyone can choose to make this a win-win scenario. By keeping calm, using a Hoffman Estates, IL asset division attorney and focusing on what’s most important, dividing marital assets can be just another item to negotiate before you move on to a brighter future.

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