Negotiating an Equitable Property Settlement

 Posted on February 19, 2016 in Distribution of Assets

No matter how much—or how little—you and your spouse may own, figuring out who should get what during a divorce is probably not going to be easy. You may find that you both have an attachment to certain assets, such as the family home or a particular car, which may not lend themselves well to being divided between the two of you. Regardless of how divorce may be presented in movies and on television, yours does not need to be played out with open hostility in a courtroom brawl. Instead, you can develop an agreement that recognizes the contributions made by both you and your spouse to the marriage and allocates your property in a way that meets everyone’s needs.

Inventory Your Assets

The first step toward a workable property settlement is understanding what is to be included. This means taking stock of everything you own and owe. Assets include real estate, vehicles, furniture, business holdings, investments, and, of course, cash savings, among many others. Debts are also important part of the agreement, as they can follow both of you for years to come if they are not properly addressed.

Determine Value

While the exact dollar value of each asset or debt may be needed for a courtroom proceeding, for your purposes, a reasonable estimation will probably suffice. If you and your spouse are able to work together, you do not need to worry about splitting your estate exactly to the penny. However, it is important to know the approximate value of larger assets especially, to ensure an equitable distribution of your property and obligations.

Compromise

Despite your marriage ending and the inherent sense of loss, you most likely wish your spouse well in the future. As such, you probably recognize that he or she should be able to start a new life with at least a reasonable portion of the property you accumulated together. The fact that you are working together toward a settlement indicates that he or she feels similarly toward you. Throughout the process, try to remember that you are both individuals worthy of respect. This can help foster an atmosphere for compromise and cooperation necessary in reaching an amicable property settlement.

Seek Legal Advice

The laws regarding the allocation of marital property in Illinois are primarily intended to provide direction if and when such matters are left to the court to decide. Understanding how the court would view your situation, though, can provide valuable insight to your negotiations. To learn more about the applicable statutes, or to get the answers to your family law questions, contact an experienced Lombard family law attorney. At A. Traub & Associates, we are committed to helping you create the post-divorce life you deserve for yourself and for your children.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=0&SeqStart=6100000&SeqEnd=8350000