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Orland Park divorce lawyers

Divorce is stressful and it is rare that anyone walks away financially unscathed. Splitting up means leaving a combined household and having to set up two different homes and lives. It also means assets and debts will be divided, and despite the best efforts of the court, individuals often feel shortchanged. However, there are some steps a person can take in order to take less of a financial hit in a divorce. 

Know Your Assets and Debts (And Your Spouse’s)

Not every husband or wife is totally honest about what they own or what they owe. If you are faced with divorce, one of the first things to do is account for all bank accounts, investments, retirement plans, insurance policies, etc. that your spouse has. You also need to know where you stand on debt, like credit cards, taxes, and medical bills. One way to go about finding any hidden items is by getting a copy of your spouse’s credit report. If there is anything you do not recognize, you will need to dig deeper, perhaps with the help of a forensic accountant.

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

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