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Tuesday 17, Nov, 2020

Know Your Financial Situation Before Divorce

If you are contemplating divorce, believe that your spouse wants a divorce, or are generally concerned about the future of your marriage, it’s important to take action to protect yourself. The fact is that your divorce terms will significantly affect your financial future – for better or for worse – and the more you know about your marital financial situation, the better positioned you’ll be to protect your financial rights. If divorce may be on the horizon, it’s in your best interest to consult with an experienced Chicago divorce attorney today.

The Division of Marital Property in Illinois

The State of Illinois – like most others – is an equitable distribution state. This means that, in the event of a divorce, your marital property will be divided between you and your spouse in a manner that is deemed equitable. In essence, equitable means fair – given the circumstances involved. 

Your Marital Property

Marital property refers to those assets and debts that you acquired together as a married couple – regardless of who made the purchase or whose name is on the pertinent documents. The only exceptions are gifts and/or inheritances that either of you receive in your name alone and keeps separate throughout your marriage. The more complex your marital property, the more complicated – and potentially contentious – the division process becomes. Complicating factors can include:

    • Owning a Business – If you own a business, the issue of dividing that business (or its value) in a divorce can be especially difficult. Often, a business represents a family’s sole source of income, which can make hammering out a fair division even more challenging. 
    • Having High Assets – If your marriage involves high assets, these assets are likely distributed in a wide range of enterprises and financial tools, which can make ascertaining your overall marital value an immense job. 
    • Owning Significant Separate Property – While the separate property that either of you brings into the marriage and keeps separate remains separate property, any increase in value in those properties over the course of your marriage is a marital asset. Further, the co-mingling of separate and marital properties is not uncommon and can make the issue that much more complicated.

Better Understanding Your Financial Situation

Your marital financial situation may be far more complicated than you realize, which makes getting a solid financial overview before you begin the divorce process the best path forward. The stress that inevitably accompanies divorce can make ascertaining the details of your finances challenging. Further, if your divorcing spouse is more involved in your marital finances than you are, it can put you at a distinct disadvantage. By proactively compiling copies of all your family’s financial documents, you help ensure that you and your dedicated Chicago divorce attorney have all the information you need to make important decisions that relate to your financial future.   

An Experienced Chicago Divorce Attorney Can Help

In a divorce, the division of your marital property is a primary consideration, and the dedicated divorce attorneys at Arami Law in Chicago have the experience, skill, and resources to help ensure that all your marital assets are accounted for and that your finances are well protected. For more information, please don’t hesitate to contact us today.

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