Handling assets an important focus during divorce

Handling assets an important focus during divorce

Dealing with the process of dissolving a marriage in Illinois can be challenging no matter how wealthy a person is. Unfortunately, amid the emotions that come with getting divorced, many people forget essential aspects when drafting their divorce orders. Some tips may help people to draft personally beneficial divorce orders.

First, people who have businesses would be wise to do detailed investigations of their businesses’ assets. The assets of a business are usually hard to liquidate because the owner of the business might not have the ability to dispose of the business’s assets without the co-shareholders’ consent and without impacting his or her capacity to earn income. An attorney can examine all of the person’s assets, as well as the person’s debts, which are also critical to address during the divorce process.

It is also expedient to ensure that all benefits and assets are transferred with no delays. If an ex-spouse passes away before the transfer of assets has occurred, the surviving ex-spouse may end up on the bottom of a lengthy list of people making claims to the estate of the deceased. Creditors are entitled to their particular shares of the estate no matter what is spelled out in the divorce order. This is true even if the surviving spouse has gotten into some financial trouble when creditors may attach those assets that were intended to be transferred to a surviving spouse.

Dissolving a marriage is a process that is not only emotionally complicated but also financially complex. Being prepared for divorce by knowing how to handle shared assets can greatly impact a person’s level of success when involved in this type of family law proceeding. It is within the rights of any individual who is getting divorced in Illinois to fight for his or her fair share of assets and property with proper legal guidance.

Source: destinyconnect.com, “Top tips for drafting a divorce order“, Sept. 23, 2016

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