It 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:
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.
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....