Law Office of Dawn R. Underhill
With the New Year upon Joliet residents, many are making their annual resolutions for change. The typical items may come to mind, such as losing weight and living a more healthy lifestyle. More unexpected, but very common, is a resolution to obtain a divorce in the upcoming year.
After the New Year, it is not uncommon for the number of divorce filings to spike. It appears as though many unhappy couples make a resolution to better their lives and initiate a divorce. For some, this may be long overdue, and the couple may have waited until after the holidays were complete to file. For others, the holiday rush may have been the final tipping point toward the divorce.
In any event, once the decision is made to file for divorce, spouses need to spend some time thinking about the division of property. This entails obtaining the financial information and gaining knowledge of all the marital assets that will be at stake in a divorce.
Typically, in non-community property states, a court will inquire into a couple’s financial circumstances in distributing the marital property equitably. Couples can negotiate if they desire a particular piece of property to attempt to settle the matter ahead of time.
Ultimately, however, mathematical equality is not possible when it comes to marital property. Accordingly, spouses need to prepare themselves for the property division possibilities, and recognize what they stand to gain and lose. Moreover, spouses should work with an experienced divorce attorney who can help guide them through the process and advocate for the best possible division of property.
Source: Huffington Post, “When divorce is a New Year’s resolution,” Alton Abramowitz, Dec. 28, 2012
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New Year’s resolutions: lose weight, file for divorce?