Navigating a divorce proceeding can seem overwhelming. However, it is possible to feel in control of the process and achieve a personally favorable financial outcome by employing the right strategies early on. Here are a couple of tips for getting the best divorce settlement possible in Illinois.
Separating separate and marital property
Start by identifying both separate and marital property. Although spouses will need to split their marital assets, they can keep their separate property, which typically includes property that they owned individually prior to getting married. However, if they have commingled their separate funds with marital assets, own businesses or have experienced real estate gains, this may impact the amount they have to divide. Enlisting the help of a financial analyst can help with determining which assets are separate versus marital property.
Taking into consideration other financial implications
It’s also crucial to consider immediate and long-term financial implications. Certain property division moves may seem fair in the short term but may actually be detrimental to one of the parties in the long run. Likewise, alimony and child support can affect one’s ability to stay financially afloat in the aftermath of the divorce proceeding.
Seeking help and support
Although figuring out divorce finances can be challenging, an experienced Illinois attorney can provide the guidance needed to make savvy financial decisions. An attorney can push for a fair and comprehensive settlement with the other party through informal negotiation but will also be fully prepared to litigate matters like asset distribution in court, if necessary. Securing adequate help and support before or during the divorce process can provide much-needed peace of mind and increase the odds of achieving the best possible outcome.