Do Not Forget These Often Overlooked Assets in Your Illinois Divorce

 Posted on February 17,2020 in Division of Property

Divorce is not a simple process, even if you and your spouse are on good terms with one another. There are many issues you have to think about, from dividing assets to allocating parenting time to ensuring you receive the right amount of child support. When it comes to splitting up your marital assets, both spouses are required to give full disclosure about their assets and debts. However, there are several important issues that are often overlooked or forgotten when it comes to dividing marital property. 

Marital Property Division

When it comes time to create a list of your assets and debts, you probably have a good idea of what should be included. Assets include things such as bank accounts, real estate, vehicles, and other items of value. Debts include money that is owed on mortgages, auto loans, school loans, or credit cards. However, many people often overlook assets that are not as prominent as others.

Here are a few things that you should be sure not to exclude during your asset division process:

• Retirement accounts: In addition to other types of accounts, many people also have accounts that contain their retirement funds. These could include 401(k)s, IRAs, or pensions, all of which should be included in your divorce settlement if they were earned or contributed toward during your marriage.

• Cemetery plots: Although it may seem macabre, cemetery plots are not cheap, and their value could be sentimental. They should also be counted in a property division agreement.

• Collections or antiques: Some people collect items that could be worth quite a bit of money. If you have collections of stamps, coins, sports cards, comic books, figurines, artwork, or other valuable objects, they should be addressed when dividing property.

• Photographs or other sentimental items: Although some personal items may have little to no monetary value, they can have significant meaning for both spouses. You will want to be sure any items that are important to you are included in your marital property settlement.

Contact an Oswego, IL Divorce Lawyer

Hiring a skilled Kendall County divorce attorney is one of the smartest moves you can make when ending your marriage. At the Law Office of Matthew M. Williams, P.C., we can help you hash out the details of your property division settlement, and we can also ensure you are including all of the important items and assets that you may be entitled to in your agreement. Call our office today at 630-409-8184 to schedule a consultation to learn how we can help protect your rights to marital property.

Sources:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#596fb0be1195

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59