The importance of financial awareness in an Illinois divorce
There are many issues that come into play in an Illinois divorce. One that is frequently a topic of dispute is finances and how investments will be dealt with. Having a grasp on the divorce legal issues surrounding finances can be difficult. This is even harder to handle if it is a high asset divorce. Those who are moving forward with a proceeding should bear certain facts in mind.
While it might be difficult to retain a sense of civility during a divorce, a mistake that many couples make is to let personal feelings interfere with the best interests of everyone involved. With properties like a home, a spouse might want to retain it for personal reasons or as an inheritance for adult children. This is a common mistake. Selling the property might be preferable to keeping it so the proceeds can be more evenly distributed and avoid one or both spouses wanting the property on their own.
Personal assets are imperative. One spouse might have more financial freedom than the other or the entire marriage could have money inextricably linked with substantial assets. Having professional help from a financial analyst who specializes in divorce can assist in formulating a plan and perhaps mediating disputes between the couple.
Since many accounts are no longer kept in a paper folder, it’s important to have a grasp on how to access accounts over the web and the have a full understanding of the information that is available. Tax records can provide a window as to what assets are there and what is not. Preparation is a key even in a reasonably happy marriage. Those who have a complete picture of their finances can be ready if the marriage goes south and the decision is made to divorce. A lawyer experienced in property division, finances and helping clients cut through all the various roadblocks can be beneficial.
Source: money.usnews.com, “How to Handle Investments When You Divorce,” Lou Carlozo, Nov. 16, 2015