Illinois, like a majority of other states, has an equitable distribution statute for property division when people divorce. Couples should look for fair ways to divide their shared assets.
Instead of a 50/50 split, the goal is a reasonable arrangement based on the circumstances of both spouses and the details of the marital relationship. Those preparing for equitable distribution negotiations may find that the three steps below can help them optimize the outcome of the property division process.
1. Inventory the marital estate
Creating a thorough inventory of marital assets and debts can help people identify what they may need to divide. Some resources and financial obligations may be separate. Identifying and excluding those resources or financial obligations is important for a fair outcome.
2. Determine what resources are worth
Some assets, such as bank accounts, have a clear financial value. Others may fluctuate in value depending on the day. Setting a valuation date for marital assets and then determining the fair market value of specific assets are both important steps for those preparing to divide their property.
3. Set specific goals
Property division can easily become a messy, drawn-out process when spouses fight on a case-by-case basis over each asset they need to address. Avoiding unnecessary conflict is easier in cases where spouses set clear priorities in advance and focus on those priorities rather than on their emotional reactions to divorce stress.
People preparing for property division negotiations or concerned about unfair outcomes likely need the assistance of a family law attorney. Consulting with a lawyer can help people identify the property they must divide, determine what that property is worth and maintain a focus on their long-term goals throughout a divorce process.