As you close in on the divorce process, you will begin to look at your assets and debts. At this time, it is good practice to realize that all martial property will be equitably divided at some point in the near future.
While there is nothing wrong with wanting to be fair, you will also find yourself fighting for what you believe you are entitled to. In Illinois, for example, any property acquired during marriage is considered to be marital property. This is subject to division during divorce.
On the flip side, any property acquired before the marriage is considered to be nonmarital property, and not subject to division.
There are many types of assets for the court to consider during equitable division, including but not limited to: real estate, bank accounts, stocks and bonds, mutual funds, personal property, business property, retirement funds, and pensions.
Once you have a list of all marital property, it becomes easier to determine where things stand, what you are entitled to, and what needs to happen for you to be happy with the end result.
Our law firm knows what it takes to help you feel better about the divorce process. If you are concerned about the division of marital property, if you think your spouse will get the best of you, it is essential to take the necessary steps at the right time. Don’t hesitate to contact us for guidance and personal advice. Sometimes, all it takes is a little bit of knowledge in order to make decisions that will put you in a better position.