Property division issues during an Illinois divorce

Nov 15, 2018 | Divorce

Some Illinoisans might have the image of the way property division works in a divorce, in a legal separation, or even in the case of a separation of an unmarried couple, who has been married for a while to be a process that pits the couple against one another. As such, many people retain a divorce lawyer to help them get through what they see as an imminent, and important, legal battle that could be the difference between financial ruin and ongoing relative security.

Indeed, the attorneys at our office are fully prepared to fight for one’s legal rights and interests in the marital estate. Doing so is ultimately a fight for fairness since marital property is supposed to be divided fairly and equitably.

However, our services are not limited to just advocacy. Even when there is relatively little contentiousness, there are certain types of property, such as businesses, pensions, investment real estate, and stock options, which raise complicated legal questions.

Property should be divided fairly, but there are practical problems with accessing and getting a precise value on these types of assets. A person who is not aware of these potential obstacles, or is careless in handling them, can wind up making their situation worse.

Speaking more generally, the property division and spousal support component of a divorce or, if applicable, a legal separation is in reality a financial decision. As such, a person is prone to making financial mistakes in the process. A previous post on this blog even talked about some of these mistakes. And, with our family law experience, our firm can help guide clients through the process so as to avoid some of these common money traps.