Some states divide marital property 50/50, giving both assets and debt equally to each spouse following divorce. Illinois, however, is what is known as an “equitable distribution” state. This means the law requires marital property to be divided in a way that is fair, but not necessarily equal. Many factors, such as the length of the marriage and each spouse’s future earning potential, will affect how property is divided. 

Understanding how the principle of equitable distribution is likely to affect the division of marital property in your divorce is an important part of planning for the future. In this blog, we will give a general overview of the property division process. A qualified Illinois divorce attorney can answer any further questions you have.

Preparing for the Property Division Process

Spouses who are getting divorced can make the process go faster and more smoothly by collecting necessary documents as early as possible. If one spouse is likely to make the divorce process difficult, it may be wise to obtain documents before even filing. Both spouses will need to create a list with supporting evidence that details their property and debts. This includes, but is not limited to, the following documents: 

Most parents feel that having children around for the holidays makes these special days even more magical. For parents who are going through a divorce, the prospect of not spending all the holidays with their children can be difficult to even think about. Figuring out a parenting plan that divides parenting time during the holidays might seem all but impossible. 

Parents who are struggling with this situation can take heart in knowing that many people before them have successfully managed to create parenting plans and new traditions that work well for everyone. Children will appreciate the predictability of a consistent parenting-time schedule and parents generally find that children adjust surprisingly well. If you are navigating holidays for the first time during or after a divorce, here are some tips to help ease the transition. 

Strive for Simplicity

Many parents find that it is simply easier to alternate years rather than trying to move children repeatedly from house to house for each separate holiday. The most important thing is to reduce stress for parents and children, and to adjust when necessary. Creating a schedule that is predictable and easily workable is often more helpful than trying to get exactly what you want. 

Preparing to end your marriage is a serious decision that requires careful planning and analysis. Some couples who are unsure whether the relationship is completely over consider a temporary legal separation, rather than ending the relationship with a divorce. Before you make up your mind, it is essential to understand how legal separation and divorce differ in Illinois, as well as the potential benefits and drawbacks of both.

Divorce

The most important difference between divorce and legal separation is that divorce is final, while legal separation is not. Once a couple is divorced, each partner is free to get married again. For couples who are certain that their relationship has dissolved beyond the possibility of recovery, divorce is likely the best option.

During their divorce, couples must divide financial assets and debts, and resolve important issues like child support and parenting time. This is also true of legal separation, but the divorce process also provides the option of freezing assets due to a partner’s dissipative behavior or other financial risks.

After a couple is married, combining finances, managing budgets, and running a household for many years is a very challenging endeavor and it will likely come as no surprise to most people that financial disagreements are one of the most common reasons couples in Illinois get divorced.

During the divorce process, marital assets must be divided and distributed. As with marriage, finances during divorce can be a very contentious subject. This can be especially true when one spouse is a spendthrift, has substance abuse problems, wantonly gambles, or otherwise wastes a couple’s assets. In cases like these, a temporary financial restraining order (TRO) may be necessary.

What Is a Temporary Financial Restraining Order?

Some states have automatic financial restraining orders that kick in once someone files for divorce. But in Illinois, a spouse must apply for a TRO. A TRO allows spouses to ensure the other spouse does not waste marital property during the divorce process. Many high-net-worth couples use TROs, but anyone can get one if they are filing for divorce and are worried their spouse will be reckless with finances.

Couples in Illinois who have worked hard to develop notable careers have also often accumulated substantial assets together. When a couple has liquid financial assets that are worth a million dollars or more, a couple can be considered high net worth. Spouses with a net worth of five million dollars are considered very high net worth while having over $30 million in assets earns a couple the distinction of being considered ultra-high net worth.

Whatever the exact value of a high-net-worth couple’s assets, there is no question that divorce becomes substantially more complicated when such a couple decides to separate. This blog discusses some of the unique challenges that these couples face during divorce.

A Longer Divorce Process

Unsurprisingly, larger and more complex financial assets contribute to a longer and more complex asset division process. The division of assets is notorious for being one of the toughest parts of a divorce, and especially when assets are difficult to value or when spouses cannot agree about how an asset should be divided. Inheritance, and the commingling of individually owned inheritance monies, can compound these problems. The same is true of spouses who attempt to hide marital assets.