Divorce is not only a personal decision but also a financial one as well. When a couple has mingled their assets and property through marriage, undoing this entanglement can be quite challenging. There are many things to keep in mind when deciding who will get what during your divorce. Should one of you keep the house or should you sell it? Who will keep which car? Will one of you be required to pay spousal maintenance or child support? Divorce can be costly, both emotionally and financially. During your divorce, make sure to avoid these common financial mistakes.

Letting Pettiness Distract You from Your Goals

Understandably, many divorcing couples struggle to cooperate or even to speak civilly. Marriages that end due to an affair or another breach of trust can be especially hard to end amicably. However, allowing negative emotions to drive your behavior during a divorce can be costly. Some couples end up spending thousands of dollars during divorce litigation arguing over issues that are, in reality, not that important. In order to end your marriage quickly and at minimal cost, you may have to swallow your pride and compromise on some issues.

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It has become a common trope in movies and music to portray a wealthy person getting married and subsequently divorced, losing half of his—usually the subject is a man—property to his ex-spouse, regardless of the fact that he owned most of the same assets at the time of the marriage. While such a cliché situation is technically possible under the law in some states, the reality in Illinois is generally much different.

Fair Does Not Always Mean Equal

Property division following a divorce in Illinois can be rather complicated, as the law requires marital assets to be divided according to what is equitable and just. While this could result in a clean 50/50 split, there is no guarantee. Rather the specific circumstances of the marriage, divorce, and expected post-divorce realities must be taken into account to determine the appropriate allocation of assets.

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Dealing with the marital home is one of the biggest pieces of the property division process. It is likely a significant portion of the marriage's assets; it is a complicated, unique piece of property that can be tough to price; and it often comes with a lot of emotional investment on both sides. Many spouses fight tooth and nail to keep their home in the divorce, but a report by Forbes highlights the fact that this is not always a good idea. While there may be legitimate reasons to fight for the marital home, people should go in with their eyes open about the true costs.

Reasons to Keep the Marital Home

Most people who want to keep the home do it for at least one of two reasons. First, they are worried about the kids. Divorce can be difficult for children, and the added stress of moving to a new, likely smaller, home and maybe even a new school can make it harder on them. Conscientious parents often fight to keep the house, so that they do not disrupt the kids’ lives more than necessary. Second, the pure emotional value of the home makes people want to keep it. Many people have grown attached to their houses. They made lives in them, raised families in them, and maybe even put work or money into rebuilding or remodeling them. This is a difficult issue. On the one hand, these are reasonable, valid feelings to have, and if the home is that important, it may make sense to fight for it. On the other hand, these emotional issues often blind people to the cost of keeping the home.

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If you are entering a high asset divorce, there are several more facets to the proceedings than a person facing an average divorce will need to deal with. These are not only limited to the separation of more possessions. If you have children with your soon-to-be-ex spouse, of course, there is yet another layer of complications. If you are facing a high asset divorce, the most important step is to seek the counsel of an attorney familiar with high asset proceedings.

If your children are young, one such matter to resolve could be paying a nanny. If children are older, common issues in a high asset divorce could include private or boarding school tuition. Ideally divorcing couples will divide who must pay for what. The agreement, of course, will not be legally binding until ruled upon by a judge or until such clauses are signed upon in a divorce decree, but coming to the conclusion amicably can help ensure that it is followed after the divorce is finalized.

Many high asset couples own a business together or have high stakes in a business venture. If you suspect that you may be headed for divorce and this is your situation, yet you do not have the proper paperwork in place to protect your business interests, it is imperative to do so immediately. Preliminary agreements such as prenuptial agreements can help business owners to avoid costly legal battles later. A protracted battle over business interests during divorce can ruin a business, no matter how solvent it was before the divorce. Business contracts that could be of grave importance to divorcing business owners include those which describe how interests would be sold and bought in the event of marital dissolution. Another type of business contract of worth to married couples who own a business is a shareholder agreement.

If you or someone you know is considering a divorce in DuPage County and have high asset needs or considerations to make, contact an experienced Wheaton divorce attorney. The importance of seeking legal counsel cannot be overstated.

Last June, Illinois law officially changed to allow same-sex couples to enter into full marriages. While this was a momentous occasion for many, it also opened up same-sex couples to the possibility of having to deal with a formal legal divorce down the road. Although the divorce laws apply to same-sex marriages the same way that they do to heterosexual marriages, there are a variety of practical differences that certain same-sex couples should consider. One of these issues comes up in the context of property division. Many same-sex couples cohabited in long-term, committed relationships that were not legally recognized marriages prior to the enactment of the new law. Those preexisting relationships can make distinguishing marital property from non-marital property more difficult.

Property Division Rules in General

In broad strokes, Illinois' property division rule is that the courts divide marital property equitably, and leave non-marital property untouched. However, that requires courts to determine what pieces of property qualify as marital versus non-marital. Marital property is almost anything that a spouse acquires during the marriage. The exceptions to this are things like gifts to one spouse or inheritances that a spouse receives.

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