Before Their Divorce, Divorcees Need to Know About Spouse’s Assets, Debts and Net Worth
Divorce is a hard time for couples, but regardless of the despair and pain you have to endure, it’s essential to understand the facts and figures of the divorce. For any divorcee, it’s important to be aware of the spouse’s assets, net worth and debt. An experienced divorce attorney will suggests that the financial aspect of any divorce is the most crucial part of divorce proceeding.
Clarify Your Assets and Income
Being aware of the spouse’s assets, debt, cash income and other financial information will play a vital role in helping you get reasonable alimony or spousal support. In case of divorce, the court will consider the extent to which each partner has contributed towards the acquisition, use and preservation of the marital or non-marital property. To start with, you have to clarify what’s yours, you have to provide complete information about your financial assets and cash income. Keep everything well managed for the divorce case, document every financial transaction. Don’t miss out any details while providing your cash income and other financial documents.
Division of Marital Assets
Illinois is not considered a community property state, but an equitable division state. So what does it mean? It means any marital assets, including cash income and debt don’t need to be divided 50/50 between the couple. The law regarding marital property division declares property should be divided equitably. Discuss your divorce and financial obligations with a leading divorce lawyer in Chicago.
The Contribution of Each Partner
One essential aspect of identifying your marital and non-marital assets is to determine the contribution of each spouse as a homemaker or a family unit. However, some lawyers argue the homemaker contribution does not hold much value in court when it comes to asset division. The most important aspect is children; if you don’t have any dependent children, then the court might not consider homemaker contribution as a significant factor.
The exclusion of this factor makes it important for you to know all about your partner’s financial assets and other properties. After a thorough evaluation of all the assets and cash incomes, the court will reach a conclusion later in the trial about asset identification and equitable decision.
For further information about issues pertaining to asset division during a divorce, contact us to schedule a free consultation, reach the Law Office of Fedor Kozlov at 847-241-1299 to speak with an experienced divorce lawyer on this topic.