When a couple’s marriage ends, there may be some fear on both sides as to what happens moving forward. Illinois couples who are homeowners and who have made the decision to divorce might be wondering what will happen to their family home and what to do and what not to do regarding divorce. Making a decision about the home is never an easy one seeing that it is likely the place where many happy family memories were made, but there are options guided by the state’s family law rules.
When dividing assets and debts in a divorce situation, the best rule of thumb is for partners to agree on equal sharing. Taking inventory of everything that is jointly owned is a good place to start. Once this process is complete, if spouses don’t agree on everything, chances are they may need court intervention. There may be instances when individuals don’t understand various terms when it comes to the division of assets — such as commingling and transmutation, and seeking independent legal counsel can be very helpful in explaining what these mean.
There are also things that typically don’t figure into the division of assets such as inheritances — which aren’t considered marital property in Illinois. Pensions may also be a bit tricky when ironing out assets. Pension plans need to be “joined” before a judge can determine how a pension is to be divided.
There are many issues that can come into play during a divorce situation. An Illinois attorney can clarify the areas that seem to create confusion. Division of assets and debts may be one of the areas with which a client needs particular guidance from a legal perspective.