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Property division disputes require experienced legal help

by | Aug 29, 2018 | firm news, property division |

Illinois residents whose marriage is at its end will have many issues that must be settled as they seek to move forward. Some factors like child custody will be first and foremost on their minds. Next, however, financial matters will need to be settled. Property division can range from homes and motor vehicles to businesses, retirement accounts, bank accounts and sentimental items. Having legal assistance with these matters is the first step to take.

Couples who have high-asset property division matters or are of more modest means will be concerned about property division. Real estate can be lucrative and a major asset. Both parties might want to retain the family home either to live in it or to sell it. Should there be an automobile, it could be an essential part of one or both of their lives as they need it for work or personal use. Jewelry and other items of potentially high value could be the foundation for disagreement. Bank accounts, assets and debts will undoubtedly lead to disagreements if the couple cannot come to a consensus.

A business could be the biggest obstacle toward settling the case without rancor and disagreement. If, for example, one spouse created, built and ran the business, he or she will inevitably want to retain the bulk of it. The other spouse could believe that their contribution was a critical part of its success even if it was as a homemaker. This can lead to acrimony and endless dispute. Perhaps negotiation can be effective in this or any other circumstance. If not, going to court and having a qualified legal professional is critical.

In many cases, when cutting through the initial bad blood, the parties could have enough wiggle room that they will be cordial and agree to split the marital property in a way that is acceptable to everyone. Should there be the need to have a judge decide, that is also an alternative. Having legal assistance with property division disputes is one of the keys to achieving a successful resolution. Calling an attorney who understands this area of the law can help.