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posted on 4/11/21

A couple has spent over 15 years building up their bakery business. Over the past year, they have decided that it is time to end their marriage. They are frequently arguing, and their conflict has taken a toll on their personal and professional lives. It is time for them to move on and begin their new lives as single adults through a divorce. Now they are wondering how to protect themselves financially as they prepare to file for a divorce. There are three factors you will need to consider before you file for divorce in Illinois.

Do Not Forget Your Debt

Focusing on how you will divide your assets is important. However, many people forget to consider that they will need to divide all of their marital debts, as well. Marital debts include any obligations or debts that either spouse undertook during the marriage. You will need to negotiate with your spouse regarding who will take on which debts after you are divorced. You could be on the hook for the marital debt after getting divorced if your ex-spouse stops paying, even if the judge told him or her to pay the debt. Try to protect yourself by not taking on any more debt.

Consider Your Type of Assets

Dividing your marital assets is often one of the most contentious aspects of getting a divorce. Illinois judges will likely not split your marital assets 50/50. Instead, they will engage in equitable distribution. The distribution will be fair but not equal. It is challenging to convert certain types of property into cash or liquid assets. For example, if you want to keep your family home, you will likely need to be prepared to give up other assets of a similar value, such as money in a retirement or investment account.

Consider How You Will Interact With Your Spouse

Before you file for divorce, consider how you will interact with your spouse. Divorce can be one of the most challenging processes in a person’s life. The costs of getting a divorce in Illinois can be high and create other life challenges. Will you and your spouse be able to negotiate a divorce settlement with the help of your attorney? If you commit to cooperating with your ex-spouse as much as possible, you could save yourself money and time. Make a list of your main goals for the divorce process and consider what you may be able to negotiate or give up before you even begin.

Consult With an Illinois Divorce Attorney

If you are considering a divorce in Cook County, Glasgow & Olsson is here to help. When you need an attorney, experience matters. We do not provide a free consultation because we view your initial consultation as the most important meeting you will have regarding your divorce. Contact us today to learn how we can represent you.