Going through a divorce can be devastating. In addition to the emotional fallout, there are important practical matters that need to be dealt with in terms of marital property division. These can impact your overall wellbeing and your financial security for years to come. Knowing what to expect and what you may be entitled to can ensure that you get the most out of any resulting property settlements.
Under the Illinois Compiled Statutes (750 ILCS 5/503), marital property earned, acquired, or otherwise accumulated during your marriage is divided on an equitable basis in your divorce. The following are four key areas that will need to be addressed:
If you have sentimental attachments to the property or have children, you may be permitted to remain in your family home. The value can be negotiated against other property and assets, but you need to consider whether your income alone affords the costs. Other property to consider before agreeing to a settlement includes the current and future value of vacation homes and rental properties, along with time shares and memberships in country clubs.
While you may be eager to start over after your divorce and may not want personal items such as furnishings or household items, it is important to consider what your costs will be in terms of replacing them. Also important is to consider the value of items such as antiques and artwork, which may be worth considerably more than what you originally paid for them.
If you and your spouse own a business together, you will want a current valuation that factors in current earnings and inventory, along with projected future profits. If your spouse owns a business either individually or in a partnership, paid or unpaid work you did and investment made with marital funds could entitle you to a portion of it.
If you have been married for a significant amount of time, it is important to not overlook money in a 401k or other accounts, along with any other pension benefits to which you would have been entitled. The Internal Revenue Service (IRS) advises that it is not enough to simply agree to divide these funds in your settlement. The judge will need to issue a Qualified Domestic Relations Order (QDRO).
With our reputation as being among the best family law firms in Chicago, the Women’s Divorce and Family Law Group is here to help you get what you are entitled to in your divorce settlement. Contact our Chicago divorce lawyers and request a free consultation today.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.
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