Getting a divorce is a major change in your life. When you are married, almost every aspect of your life -- bank accounts, credit cards, living arrangements, mortgages, and even personal belongings -- becomes intertwined with your spouse’s. Though this can make life simple during your marriage, it can end up making things difficult when you decide to get a divorce. 

Factors for Consideration During Asset Division

Before the judge will begin dividing marital property, he or she will first make determinations about what is and is not subject to division. Only marital property is subject to division in Illinois divorces. Marital property includes any assets or debts that were acquired after a couple was married. When dividing marital property, the judge will consider the following factors:

• Each spouse’s contribution to the acquisition and/or increase/decrease in value of marital property
• Whether either party dissipated marital assets
• Whether or not either spouse contributed to the household as a homemaker
• The value of the assets assigned to each spouse
• How long the marriage lasted
• The economic circumstances of each spouse
• Any obligations that either spouse has from a prior marriage
• Any valid prenuptial or postnuptial agreements in place
• The age, health, occupation, sources of income, employability, vocational skills, and needs of each spouse
• The parenting arrangements for the couple’s children, if applicable
• The opportunity for each spouse to acquire future assets or income
• The tax consequences of the asset division for each spouse

Get in Touch With a Will County Asset Division Attorney

In your divorce case, the judge must resolve all the issues in your case for the case to be resolved. Dividing up your assets and debts is just one of many issues you must handle. At Wakenight & Associates, P.C., we can help you come up with a property division agreement that you and your spouse both agree on. Our skilled New Lenox, IL property division lawyers will advocate for your best interests in all matters during your divorce. Call our office today at 815-727-6144 to schedule a free consultation.

As recently as 30 years ago, it was not uncommon for one parent to work while the other parent stayed at home. While this arrangement may be less common today, there are still many cases in which a parent remains in the home to raise a couple’s children. Typically, the stay-at-home parent was the mother, but in recent years, stay-at-home fathers have become more prevalent. According to the Pew Research Center, the number of stay-at-home fathers has nearly doubled since 1989. Traditionally, stay-at-home mothers were the spouses that had to worry about finances and income when they got a divorce, which is why many states’ alimony laws seem to be biased toward women. However, either spouse is eligible to be considered the receiving party in divorce cases in which spousal support is awarded. 

Divorce is stressful, but it can become even more stressful when you are a stay-at-home parent. Here are a few tips that can help you ensure you get what you deserve in your divorce:

Consider Hiring an Accountant

One of the issues that many stay-at-home parents face is not knowing much about their family’s finances or not having access to the finances at all. One way you can combat that issue is by hiring an experienced attorney and accountant who can help you make sense of your financial situation. You are entitled to an equitable share of your marital property, and an accountant can help you figure out what exactly that entails. Even if you and your spouse have an accountant that you have used for years, hiring your own accountant can help you ensure that your interests are being taken care of.