Property Division Concerns for Older Couples Getting Divorced

 Posted on August 25, 2022 in Divorce

If you are over the age of 50 and considering divorce, you may be wondering how the property division process will work. Unlike younger couples, you and your spouse likely have decades of accumulated assets and liabilities. Addressing these issues during divorce can be complex and challenging. An experienced divorce lawyer can help you evaluate your options and choose the best course of action for your unique situation.

Negotiating a Property Division Settlement

Television shows and movies often depict divorce as a drama-filled courtroom trial in which both parties fight tooth and nail to "win" the case. Of course, divorce does not have to be this dramatic. In fact, only a small percentage of divorce cases actually go to trial. Most are resolved through a settlement agreement between the two spouses.

Settling a property division issue does not mean that you have to agree to everything your spouse wants. It simply means that you are willing to negotiate and compromise in order to reach an agreement. Spouses with complex property division issues are encouraged to work with an attorney who can protect their interests and advocate on their behalf. An attorney experienced in complicated property division can help couples negotiate a fair division of marital assets such as:

• Retirement assets, including IRAs, pensions, and SEPs
• Real estate, including the marital home, vacation properties, and rental properties
• Business interests and professional practices
• Investments, including stocks, bonds, and mutual funds
• Savings accounts and other liquid assets
• Personal property, such as jewelry, art, and collectibles

Forensic Accounting May Be Used to Uncover Hidden Assets

Spouses who are forthcoming with financial information and willing to cooperate during the property division process can often resolve the divorce with relatively little pain and frustration. Unfortunately, some spouses are not truthful about their assets, income, and debts. They try to hide assets by transferring them to other people, fail to disclose all sources of income, undervalue property, or exaggerate debts.

A forensic accountant may be necessary to uncover hidden assets or income. A forensic accountant is a trained professional who has experience investigating financial records. He or she can often uncover information that the average person would not know how to find. If you suspect that your spouse is hiding assets, your lawyer may work with forensic accountants and other financial professionals to ensure your divorce settlement or judgment is based on accurate financial information.

Contact a Plainfield Divorce Lawyer for Help with Division of Marital Assets

Older couples often have decades of accumulated assets. They may have real estate properties, investments, business interests, and substantial retirement assets. Divorcing spouses may also have significant financial liabilities. Addressing the division of assets and debts during divorce can be especially complex when the couple is over age 50.

The Will County divorce lawyers at the Law Offices of Tedone and Morton, P.C. are equipped to handle complex property division concerns. To schedule your free initial consultation, call our office at 815-666-1285 today.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000