Dividing Assets during Divorce

 Posted on December 00, 0000 in Chicago divorce attorney

One of the most uncomfortable and difficult parts of an Illinois divorce is the process of dividing property, and the subsequent liquidation of assets that often occurs. There are a host of different issues to consider based on each individual situation, and your response can impact both your short and long term financial health. In the United States, there are two ways of dividing property in a divorce depending on the state in which you live. In Illinois, the principle of equitable distribution applies and gives the court a lot of discretion when splitting assets.

In equitable distribution the courts can consider several factors before rendering any financial decision. Factors include:

• The age of both spouses;
• How long the marriage has lasted;
• Any and all health issues;
• A spouse's contribution to the other's education or training;
• Any property or income added into the marriage by each spouse; and
• The economic stability of each party individually.

In addition to the above factors, alimony and child support issues can also be weighed. And if a decision was made for one spouse to specifically not pursue a career in order to take care of children, this decision can be taken into consideration in order to ensure the financial security of everyone involved.

The division of assets in Illinois through equitable distribution does have several benefits; however, it is considerably less cut and dry. With an increased amount of intricacies also comes more room for error and oversight. A perfect example of how this can happen is in regards to factoring in taxes. If assets are liquidated, it is important to understand that some are exempt from taxes, while others are not. The result can be an unexpected large debt to the IRS.

These are just a few of the issues that can arise when dividing assets in an Illinois divorce. Hence, it is absolutely critical to consult with an experienced Aurora divorce lawyer to ensure that financial assets are distributed in a fair manner. If you are experiencing an impending or ongoing divorce in the greater Chicago, Illinois area, contact the Law Office of Matthew M. Williams, P.C. today.