Have you spent your marriage acquiring assets, and now they are in jeopardy because you and your spouse are parting? You and your soon-to-be former spouse could soon be sitting down to determine how to divide those assets. The choices you make as you negotiate your Illinois divorce settlement will affect your financial stability in the years to come.
It is important to be sure that you carefully consider what assets are worth fighting for before you begin. Fighting for something out of emotional turmoil or attachment often leads to costly mistakes and a waste of time and resources. Approaching the division of your assets with a clear head, and in a business-like manner, may help you make better decisions.
Understanding the true value of your assets is crucial. The dollar figure placed on a retirement account and a home might be the same, but that is never the end of the story. Each asset comes with its own tax ramifications that require consideration.
In addition, a home requires routine and emergency maintenance and repairs that also could become a drain on your resources. Your spouse might also be making the same assessments. Taking a hard line regarding a particular asset might seem like a good idea in the short term, but the long-term ramifications might make compromise a better choice.
An Illinois attorney could prove invaluable during your negotiations. Third parties could be brought in to help value each asset so you have as much information as possible before you make any decisions. This could help make your divorce settlement one with which you are satisfied and with which you can move into the future.