Four Tips For Your Illinois Asset Division Negotiation

 Posted on March 08, 2022 in Family Law

Most people in Illinois do not spend much time making major financial negotiations. With exceptions like homes and cars, a price on an item is generally set and if the price is too high, the purchaser simply walks away. In a divorce, however, the outcome of major financial negotiations has the potential to impact spouses for many years - perhaps even the rest of their lives. Asset and debt division, child support, and alimony (or spousal support, as it is called in Illinois) are important issues that must be handled carefully. Even for the savviest businessman or woman, these negotiations can be difficult. Here are some tips to help you navigate your Illinois asset division. 

Think of the Future

Many spouses make the mistake of giving up long-term benefits for short-term gains. For example, a spouse may feel strongly about keeping children in the marital home to avoid the upheaval of moving during a divorce. While this makes intuitive sense, the long-term expenses of managing a home on one income may leave a family with very little to save for their future. Budget many scenarios for life after divorce and only make decisions until you have a good idea of what you will need to live on. 

Prioritize

While each spouse would like to walk away with all of the assets and none of the debt, this simply is not possible under Illinois’ equitable distribution principle. Instead, make a list of assets that are important to you for financial or sentimental reasons and know which items you are willing to give up or negotiate more generously over.

Understand Your Financial Worth 

Each spouse should have a thorough understanding of their financial picture, including their income and personal assets. If you have extensive private property, either through premarital activity or inheritance, your spouse may try to argue that you should get less of the marital property. It is important to advocate for your current and future financial worth, taking into account potential child support and spousal support payments, so that you can get the portion of the marital estate to which you are entitled. 

Try to Work Cooperatively

There is no getting around it - negotiating over divorce finances is unpleasant. Yet if you can keep a cooperative mindset and keep your eye on the goal of a finalized divorce, the negotiations will go more smoothly. Try to keep personal emotions out of the picture and focus exclusively on your rights under Illinois law. If you can anticipate or understand what your spouse wants, and figure out how to help them meet their priorities, they are more likely to meet you halfway. 

Talk to a DuPage County Asset Division Lawyer

Getting a fair deal in your divorce is essential when preparing yourself for the future. Protect your financial interests and get help with every aspect of your divorce from the experienced DuPage County asset division attorneys with Law Office of Martoccio & Martoccio. We will work with you to help you achieve your goals and move forward in a favorable position. Call us today at 630-920-8855. 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000