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.
Property division disputes are common in many divorces in Illinois. This is true regardless of the financial circumstances. It can happen to people who have significant assets, those who are considered middle class and people who are of modest means. Oftentimes, people enter a marriage with certain property they consider their own. After they are married, they accrue different levels of property ranging in value. Sifting through complex property division issues first requires an understanding of state law and how it treats property.
One of the most difficult issues to settle in an Illinois divorce case is property division. This is true whether it is a high asset divorce and there is significant property that both parties stake a claim to or if it is a more modest divorce and there are items of financial and sentimental value in dispute. The law has certain requirements for what constitutes marital and non-marital property. While there can still be a certain amount of confusion and disagreements over property, it is important for people who are planning to divorce or are in the middle of a divorce to understand the difference.
Any couple that has decided to walk down the aisle should, at the very least, have a discussion about a prenuptial agreement. The reasons for this are twofold. First, just having the discussion -- even if you decide against signing a prenuptial agreement -- can help you and your spouse figure out potential financial stumbling blocks involved in your soon-to-be marriage. Second, and maybe more importantly, a prenuptial agreement can do wonders for your marriage and, if it goes that way, your divorce.