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Unique Marital Assets and How to Divide Them in an Illinois Divorce

Posted on in Divorce

Oak Forest divorce lawyer for dividing marital propertyDivorce affects your entire life, from your living situation and daily routine to your finances. Under normal circumstances, finances can be a headache, and in the case of a divorce, they can be even more frustrating. Your assets and finances are a big part of your divorce settlement, and because of that, you will probably have a few questions. Who should take the house? Who gets the antique dining table in your home? How will you divide your retirement funds? These questions can be daunting, but they do not have to be impossible to resolve. With a little research and advice from a knowledgeable divorce lawyer, you can make the best decisions for your family.

The Family Home

During divorce, the easiest thing to do is to sell your house if you or your spouse do not have a particular attachment to it. By selling your house, you can your spouse can split the profits and carry on with your lives if you have equity in your home. If one spouse wants to keep the home, you will have to figure out if you can afford to keep it, and the home will need to be refinanced to remove the other spouse from the mortgage. Either way, you should get a proper valuation of your home so you know what you are dealing with.

Household Items

You may think that splitting assets is all about the big ticket items, like the house, the car, and the savings account, but the little things matter too--even that collection of kitchen utensils. The best way to split these items is to take an inventory of everything you own, estimate the value of the items, and divide them equally. If you and your spouse are up to it, you can bargain for the items that you want so that you come out of the divorce with the things that mean the most to you.

Retirement Accounts

If you have money saved for retirement in an account such as a 401(k), you must use a court-issued document called a qualified domestic relations order (QDRO) to transfer any funds from these assets. This document outlines how your retirement funds will be split between the two spouses. It also helps you avoid any penalties or taxes for withdrawing funds early. 

Consult With a Tinley Park Divorce Lawyer

Divorce can be a stressful and demanding time, which is why you need all the help you can get. By hiring an Orland Park divorce attorney, you can save yourself from some of the headaches and worry that divorce can bring. Anderson & Associates, P.C. can help you determine how to divide your marital property in a way that protects your legal and financial interests. Call our office at 708-226-9904 to set up a consultation.

Sources:

https://www.fool.com/retirement/2017/12/07/how-to-split-these-7-assets-during-a-divorce.aspx

https://www.fidelity.com/life-events/navigating-finances-during-divorce/what-you-need-to-know-about-splitting-assets

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