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Are there typical mistake spouses make when dividing assets?

On Behalf of | Aug 20, 2021 | Divorce |

Divorce proves to be a trying time, and many estranged spouses want things to end quickly. Rushing through a divorce settlement may seemingly help deal with current stress and anxiety levels, but expediency may result in financial troubles. Divorces taking place in Illinois family courts often focus on dividing assets and coming to financial arrangements. Taking the time to carefully consider financial decisions could lead to an appropriate outcome for everyone.

Avoid common mistakes during divorce

People who have made unfortunate mistakes provide insights to others who hope to avoid missteps. Failing to come up with a proper post-marriage budget might lead to many problems. Knowing what a new, single life will cost allows spouses to negotiate reasonable amounts for child support and maintenance. Perhaps reducing expenses needs to be part of the plan as well.

A house could be the top item discussed during divorce settlement negotiations. Becoming too attached to the family home may result in costly expenses. A home might not cause problems when two people with two incomes live in it, but one ex-spouse might find it unaffordable. Perhaps selling the house and dividing the proceeds could be the best plan.

Dividing assets during a divorce

Have any of the items subject to division undergone an appraisal? While jewelry and artwork could be marital assets, one spouse might not know what the things are worth. Dividing assets without making an effort to discover their value could be a tremendous oversight.

Divorce does not free any spouses from joint debts, including credit cards and tax obligations. However, one spouse may agree to pay the debt in exchange for something else as part of the settlement. Ignoring responsibilities or not understanding them could haunt someone after the divorce.

Taking a deliberate approach might prove advisable. Otherwise, both spouses could make troubling and avoidable financial miscalculations.

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