One of the most important decisions an Illinois couple that is going through a divorce is whether or not to keep the marital home. While it may be tempting for them to keep it, there may be many reasons not to. In many cases, this asset is tied to guilt, disappointment and anxiety. People may feel guilty about selling the home a child grew up in or upset about having to move regardless of the reason why.
For many Illinois couples who are going through a divorce, the possibility of selling the family home is very real. In fact, smartagents.com, a real state website, estimates that 61 percent of divorces result in the sale of the family home. This can be an emotionally fraught period, and if both spouses are not in agreement about how to handle this, the sale of the home can be undermined. The goal of getting the highest profit for the home, however, should help both spouses keep focused on the sale.
Getting divorced in Illinois involves many decisions regarding finances. In addition to dividing assets and assuming responsibility for debts, homeowners have additional considerations. In many marriages, a house represents one of the largest assets the couple owns. Taking time to understand the options available can protect a divorcing spouse's long-term financial health.
When Illinois residents are going through divorces, they might wonder what they should do about the college savings that they have accumulated for their children. College savings should be clearly addressed in their property settlement agreements to prevent their ex-spouses from spending the money on themselves or on others in the future.
A substantial concern of divorcing spouses in Illinois is what will happen to their homes after they are separated. Those concerns can be especially heightened if one spouse is interested in retaining the property. Many times, the reasons for wanting to keep the home are based purely on emotional attachment. However, this might not be the wisest financial decision.
Inherited assets may be an issue for Illinois couples who are planning to get a divorce. Inheritances that are acquired during a marriage are not usually viewed as marital property, and as a result, they are usually not subject to division. They are typically considered to be separate property that belongs to whoever inherited the assets and cannot be reallocated between divorcing parties.
Illinois residents know that a marriage usually begins with an engagement, and often, the engagement and subsequent wedding ceremony involve the exchange of rings. These rings might have financial and sentimental value for the parties, as they are a representation of the couple's love. However, they might become a source of additional conflict if the couple later decides to end their marriage. If you find yourself in this situation, you might be wondering who the rings belong to in the event of a divorce.
In-depth negotiations and a divorce agreement signed by an Illinois judge may not result in an equitable property division in all cases. According to an investment adviser, taxes and early withdrawal penalties can turn an equitable split into a lopsided arrangement. Improper treatment of retirement funds can also cause financial difficulties for divorcees down the road.