Preparing to Divide Assets as an Older Divorcing Couple in Illinois

 Posted on December 29, 2022 in Divorce

As Illinois is an equitable division state, divorcing spouses do not necessarily need to divide their assets and debts in a 50-50 equal split. When it comes to asset division, Illinois couples are encouraged to craft a divorce settlement that is equitable for both parties. Equitable does not inherently mean equal. An equitable division of assets is one that is fair and representative of the interests of both spouses.

While an equitable division of assets between spouses can be structured as a 50-50 split of a marital estate’s value, such an agreement does not have to be structured in this way. Carefully considering what equitable means in the context of your unique relationship will help your attorney to secure a favorable asset division settlement as efficiently and effectively as possible.

The Bottom Line

If you are an older adult living in Illinois and you and your spouse have decided to divorce, you have a number of considerations to ponder when crafting the terms of an equitable asset division agreement. If it is apparent that you and your spouse will not be able to work through any fundamental differences without judicial intervention, you will want to develop the strongest possible arguments in pursuit of a favorable judgment. In either scenario, working with a skilled family law attorney can help to ensure that you receive your fair share of your marital estate.

Clarifying Your Needs and Priorities in Context

Your marital estate is comprised of all of the assets and liabilities you have acquired over the course of your marriage unless an exception applies to a specific element of the estate. You will want to think carefully about which assets you want to prioritize “fighting for” during your divorce (even if the process is wholly amicable). These priorities will form the bedrock of your lawyer’s advocacy on your behalf.

Will retaining certain assets help you to ground your financial stability moving forward? Will any depreciate quickly? Thinking critically about your needs and priorities in a forward-looking fashion can help you to build the healthiest life possible once you’ve moved through this challenging transition.

Contact a DuPage County Divorce Lawyer 

Allow the dedicated team of DuPage County asset division lawyers at Divorce Over 50 - Goostree Law Group to assist you in crafting an equitable asset division strategy that honors your needs and priorities in a forward-looking way. You can schedule a risk-free consultation by submitting a contact form on our website or calling us at 630-634-5050. We look forward to speaking with you.  

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm