Illinois divorces getting tougher to split up assets

 Posted on December 09, 2012 in Family Law

Many pieces of property are very difficult to split in a divorce, like bank accounts and stock portfolios. Although the assets that go to each party are up for dispute, each piece is essentially interchangeable and valued.

Those property items, however, are the easier ones to divide up. Items of sentimental value are tougher to negotiate, including family heirlooms and items from deceased parents and grandparents, even professional sports franchises, and art have been responsible for dragging out divorce proceedings.

It is recommended that going into a divorce with the knowledge of how difficult it is to divide assets will help you avoid arguments that will cause the divorce to get drawn out and raise legal fees.

Prenuptial or postnuptial agreements are always great ideas if there is a particular value of interest that you want to ensure stays in your own name and does not end up with your ex-spouse. Most couples, however, do not create these agreements and once divorce comes close, it is most likely too late to agree with your spouse about certain property items staying with your own family name.

A very simple solution, without a prenuptial agreement, is to give up something of value to your spouse in return for another item that you would like to keep.

If trading one item for another is what you choose to do, however, it is very important that you gauge the true market value for each item accurately. Each piece being handed off one way or another should be of equal value, so in the end, although one party may have more items, each person is leaving with an equal amount of worth to the items they received.

The best way to figure all of the details of asset division in a divorce is to hire an experienced divorce attorney. Contact Martoccio & Martoccio attorneys today to help you get the assets you deserve.