You may have always been someone who managed your money well. That ability, along with your hard work, allowed you to accumulate a considerable amount of wealth. You may have obtained that wealth before or after getting married, but now that you are getting a divorce, you may worry about the havoc the process could wreak on your financial affairs.
This concern is understandable. Ending a marriage can certainly throw many aspects of life out of balance, and many money issues can stem from divorce. As a result, you will certainly want to know what to prepare for as your case moves forward.
Money matters to account for
You may already have concerns about your home and other real estate, or even your business if you own one. Still, it is important to remember that property division proceedings can affect a number of assets, and the following information may prove useful as you prepare:
- Illinois is an equitable distribution state, which means that the court will divide your property as fairly as possible. However, that does not mean a 50-50 split.
- In addition to assets, the court will also divide your marital debt. Many people overlook this aspect, but you certainly do not want to end up with more than your fair share.
- Your retirement funds could end up split. As a result, your entire retirement plan could need reworking if you end up with less than you hoped.
- Divorce can also mean a change in your tax situation and leave you handling the taxes for certain assets on your own. It is important to consider the tax implications of certain assets before you decide to keep them.
- Alimony and child support are other financial matters that could come into play, depending on your circumstances.
This entire ordeal could easily feel overwhelming. However, before you resign yourself to missing out on property that you value, you may want to remember that you can negotiate the terms of your property division proceedings and fight for what you want. You and your spouse may even have the ability to come to terms without the input of the court. Of course, you will certainly want to keep your best interests at the forefront, and having a legal advocate experienced in high-asset divorce cases may prove useful to you.