Ask Your Downers Grove Divorce Lawyer: What Financial Assets Are Involved in a Divorce?
When going through a divorce, there are a lot of things that your Downers Grove divorce lawyer will help you split up, dissolve, or come to an agreement on. One of the most difficult areas is financial concerns. Your assets are often shared in a marriage, and it can be hard to untangle who should get what. To make matters a little more difficult here in Downers Grove, the state of Illinois doesn’t require that assets be divided 50/50 – instead, state law dictates that judges will decide who should have what asset based on certain factors.
To prepare you for what financial areas will be considered as part of the divorce proceedings, we’ve compiled this list of the most common financial assets that are addressed:
- Liquid Assets: Of course, the judge will be determining who will get what percentage of the liquid assets (AKA cash) you have on hand in the marriage. This means things like bank accounts, savings accounts, money market accounts, and so on.
- Investments: The next type of asset included in a divorce proceeding is anything involving investments, which includes retirement accounts, mutual funds, bonds, and so on.
- Property: Judges will also determine who should take ownership of what property in a divorce proceeding. This includes things like homes, vehicles, and even very valuable smaller possessions like jewelry and collectibles.
- Alimony: Another area of financial concern that is often included in divorces is the idea of alimony. This is a payment made by one ex-spouse to the other to help that person maintain their lifestyle. This usually occurs when one partner stayed at home to help further the other’s career, or when one partner makes significantly more money than the other.
- Settlements and Other Legal Payments: If, during the marriage, the couple was awarded some annuity or legal settlement that is made in payments, the judge will determine who receives what portion of the payments.
These are only some of the areas that could be included. If your financial situation is more complex, there could be other areas that the judge may make a ruling on. If you would like to learn more, please follow the experienced Downers Grove divorce lawyer team at The Fitzgerald Law Firm P.C.