3 Types of Assets that Must Be Split in an Illinois Divorce

Hinsdale IL asset division attorneyIt does not matter whether you and your spouse are divorcing amicably - you still have to divide your property between the two of you before your divorce can be finalized. While this process can be annoying at best and combative at worst, it is a necessary evil of divorce. Illinois courts look at the division of property as being equitable, rather than equal. You may not necessarily come out of the marriage with everything that you personally gained during the marriage. Dividing property during a divorce can be a careful game of negotiations, especially when it comes to high-value assets, such as a house or a vehicle. Here are a few common assets that most couples have and how they can be divided:

Your Home

Though the family home can be a source of emotional attachment for many people, the easiest way to decide what happens to the home is to sell it and split the profits. That would only work if you have equity in your home. If you have to sell your home for less than what you owe on your mortgage, you will have to determine who pays the remaining mortgage amount after it is sold. If one of you wants to keep the home and the other one does not, then the spouse who wants to keep the home can buy out the other half of the home, but you will need an accurate assessment of what your home is currently worth.

Your Vehicle

If you and your soon-to-be ex-spouse own a vehicle together, it can go the same way as the home. You can either sell the vehicle and split the profits, or one of you who wants to keep the car and buy out the other person’s half. Figure out what the current value of your vehicle is and then split that in half - that would be the amount your spouse should pay you if he or she wants to keep the vehicle.

Your Furniture

When you are married, you typically accumulate a fair amount of furniture and household items, such as decorations, kitchen equipment, books and electronics. When it comes to assets like these, it can help to make a list of specific assets that you know you need or really want. Then make a list of assets that you can do without. The assets that you can do without can be bargaining chips for the assets that you really want. Dividing your household goods can be a big game of give and take.

A Skilled DuPage County Divorce Attorney Can Help

Property division can get confusing and tends to be stressful, but an experienced Hinsdale, IL divorce lawyer at the Law Office of Martoccio & Martoccio can help you fight for the assets that you really want. Property division during a divorce is all about negotiation, and negotiation is an art. To schedule a consultation with our skilled negotiators, call our office at 630-920-8855.

Sources:

https://www.fool.com/retirement/2017/12/07/how-to-split-these-7-assets-during-a-divorce.aspx

https://www.fidelity.com/life-events/navigating-finances-during-divorce/what-you-need-to-know-about-splitting-assets

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