Divorce is an emotionally daunting experience, but it can also be financially daunting, especially when it comes to the assets you own. Splitting your assets during divorce can be a lengthy process, and it can become frustrating if you and your ex-spouse get into bitter arguments about who gets what or how certain property should be allocated. Illinois law dictates that marital property is subject to equitable distribution, and non-marital property is not. In a nutshell, marital property includes any assets that were acquired during the marriage. It is important to understand how to divide certain assets, including the following types of marital property:
1. The House
The easiest way to divide this real estate asset is to sell your house and split the money. This works if neither spouse has a particular attachment to the home, and it offers an easier, less stressful way of dealing with what is often one of the most valuable marital assets. Before you sell your home, you should get the house appraised, ensuring that you know exactly what your property is worth.
2. Furniture and Household Items
If you have been married or lived together with your ex-spouse for any length of time, it is probably fair to assume that you have acquired a decent amount of household property, ranging from sofas to frying pans. A good plan of action when dividing these items is to start by taking an inventory of all of the things you own. First, decide if there is anything that you really would like to keep. Then, figure out approximately how much those items are worth, and allow your ex to take something of equal value. Repeat the process until all property has been accounted for.
3. Your Retirement Account
These assets can be a bit trickier to divide. When it comes to retirement accounts, the type of account you have will determine how you will allocate the funds. If you have a 401(k) in your name, you will need to use a Qualified Domestic Relations Order (QDRO) to allocate your ex’s share of the funds to them. The QDRO will state how the funds will be disbursed to your ex, whether by transferring their portion to their own account or by taking a cash payment. If you have an IRA, it is best to transfer the money from your account to your ex’s to avoid tax penalties.
Get Help From a Palatine Divorce Lawyer
Getting a divorce is stressful enough--you do not need the added stress of arguing over who gets what property. When determining how to divide assets, you should seek the help of a knowledgeable and experienced Schaumburg divorce attorney. Contact Anderson & Associates, P.C. at 847-995-9999 to schedule a free consultation.