When you decide that you no longer wish to stay in a marriage, it can be emotionally traumatic. Even if you and your spouse agree to part ways as friends, the fact that you both shared one of the most intimate experiences of a life journey means it is understandable that you might be emotionally affected by your decision to move on in life without each other. Especially, if you have children together, your relationship as co-parents might intensify the emotional challenges of filing for divorce.
In addition to emotional difficulties, you might also find yourself worrying about numerous financial issues as you prepare to negotiate a settlement. Divorce can definitely have a significant impact on your financial status, both in the present and also, as the future unfolds. The more you know about your rights, Illinois property division laws and child custody guidelines, the better equipped you’ll be to make sure you receive a fair settlement.
Assets and liabilities
At some point, the court will determine a fair division of all marital assets and liabilities when you divorce. Illinois is an equitable property state, which means that, although the judge overseeing your case will determine a fair division of assets and debts between you and your spouse, the split will not necessarily be 50/50.
If you signed a prenuptial agreement before marriage, you may have stipulated the assignment of a specific asset or liability to one spouse only. Extenuating circumstances can spark serious legal problems regarding finances. If your spouse tries to fool the court by not reporting income or stashing cash somewhere, for instance, you may have a hidden asset problem on your hands.
Bartering may be possible
You are hopefully navigating proceedings with a spouse who agrees to play by the rules, and also shares your desire to settle your divorce in as swift, economically feasible and amicable a manner as possible. It may be possible for you and your former partner to negotiate trade deals during proceedings or without even going to court if you wish to divorce through mediation or collaborative law.
Perhaps, you adamantly wish to keep your house to stay living there with your children, but your spouse is set on keeping your vacation property. As long as the judge agrees that a barter is fair, there is no inherent reason why you can’t devise a trade agreement for marital assets.
Dividing debt may be even more challenging
Do you and your spouse have joint financial accounts? Did one of you already incur a substantial debt before marriage? Such issues and more can make liability division in divorce complex and stressful. You can take comfort in knowing that you need not go it alone. Financial advisers, as well as someone well-versed in state divorce laws, can provide guidance and support to help you keep stress levels low and achieve a fair and agreeable settlement.