Most couples planning to divorce don’t agree about the best way to split their property. Couples can argue over everything from their art collection and furniture to their vehicles.
However, there are certain assets that are more likely than others to lead to serious disputes. Identifying these high-conflict assets early in the process will make it easier for you to negotiate an appropriate settlement as your divorce moves forward.
The marital home or other pieces of real estate
Real property is often the biggest asset a couple owns jointly. Whether you just own a small cabin where you escape on the weekends or you have a sprawling dream home that you raised your family in, you probably won’t agree with your ex about the house. Sometimes, both spouses want to keep and live in the house. Other times, they just want more than their fair share of its equity.
A family business or professional practice
A family business or professional practice could be worth hundreds of thousands of dollars. It can also be a source of ongoing income. Spouses often disagree about who owns the company, what it is worth or how to split the business or practice in the divorce. In some cases, spouses may need to share ownership. Other times, one spouse may need to share some of the company’s value with the other.
Retirement accounts or pensions
Most professionals spend decades saving for retirement. The longer you have stayed married and the more you have saved for retirement, the greater the risk for dispute about those assets. Spouses may not agree about how to share pensions or retirement savings or even whether one spouse should have to share with the other.
Identifying potentially problematic assets and familiarizing yourself with property division laws in Illinois will make it easier to prepare for your divorce.