When Illinois residents decide that they are going to move forward with a divorce, they have already made, in most cases, an extremely difficult decision. This can be especially true if there will be children involved. The wide variety of issues that can be involved in such a divorce case can lead to heightened, negative emotions, as well as a certain amount of fear and uncertainty about how the case will end. One of the most difficult – and unpredictable – issues in a divorce case is property division.
Many people don’t realize just how much they own. And, unfortunately, many people don’t realize how much debt they have either. Both assets and debts must be divided among the soon-to-be ex-spouses in a divorce case in Illinois. But, what assets are at stake in the property division process?
For many people, their most important and valued asset is the family home. Since a home can’t be split down the middle, many couples need to come up with creative solutions for how to address this most important of assets. Sell it and split the profits? Have one spouse “buy out” the other’s share? Keep it as a common home for the kids? There are many different potential solutions.
There are many other assets that can be involved in the property division process as well: other real estate, such as vacation homes or rental properties; a wide variety of personal property, such as artwork, electronics and even furniture; retirement accounts; and business assets, just to name a few. Every divorce in Illinois is different, so our readers who are interested in getting a divorce will likely need to get more information about their own specific marital and financial situations.