Divorce Attorney

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A divorce can give rise to disagreements and disputes between spouses, ranging from child custody battles to spousal maintenance arguments. One of the main areas which may create an extremely hostile situation is asset division, especially when there are valuable assets involved. If you are planning to part ways from your partner, here are some important tips about asset division during the divorce.

Understanding The State’s Property Division Laws

Learning about state laws applicable to your divorce case allows you to make better and more informed decisions relating to asset division. Majority of the states including Illinois follow equitable distribution guidelines, where the court takes several factors into consideration to determine a fair and equitable division. However, some states may follow community property laws, which results in an equal, 50-50 split. To ensure your financial interests remain protected, you may discuss several aspects of asset division with your divorce lawyer before you file a claim or participate in negotiation.

Learn To Differentiate Between Separate And Marital Property

Many people do not know the difference between separate assets and marital assets, which leads to confusion and disputes during negotiations. Usually, any assets acquired during the marriage are deemed as marital property, irrespective of the fact which spouse actually purchased the asset. Unlike separate property, marital properties are subjected to division during a divorce. Marital assets may include home, vehicles, investment properties and even pension accounts.

Be Honest With Your Financial Declaration

Before you initiate the negotiation process, you need to have an accurate picture of your financial standing relevant for the asset division during divorce. It may seem like a boring and daunting task, but can be extremely crucial for your case. If you fail to declare your significant assets, it may jeopardize any future negotiation and your position may reflect poorly throughout the litigation process.

Never attempt to hide assets

Attempting to hide assets is never worth the risk as it can lead you to some serious trouble. You might believe you have covered all your tracks, but lawyers specialize in investigating hidden assets. They may uncover your efforts to fraudulently hide your assets, which may cause serious ramifications. Not only will you be penalized financially, but your credibility will be severely damaged as well, which may affect other factors of your case.

Hire a lawyer

As interesting and cost-effective it may seem, attempting to fight your case without hiring an experienced divorce lawyer can hurt your case and you may end up losing hundreds and thousands of dollars. Your divorce lawyer will help you to identify your marital assets and also investigate whether the other party is hiding any assets. Using their vast experience and skills, a skilled divorce lawyer will navigate you through the intricacies of laws applicable in your case, enabling you to maximize your financial interests during asset division.

For further information on asset division or any issue related to real estate or to schedule a free consultation, contact Casement Law Group, P.C. today at (847) 278-8062 to speak with an experienced divorce lawyer.