How Can I Protect My Financial Interests in a DuPage County, Illinois Divorce?
There comes a time in any divorce case when either party will have to make one crucial decision; they will have to decide what they want to fight for, and what they are willing to let go. By that, we mean the different points of contention which may arise in a divorce, including marital assets, spousal support, child support, or parenting time.
For some individuals, they may decide that every aspect matters, and that's perfectly alright; a seasoned and dedicated divorce lawyer can manage multiple focuses in a divorce case. Others, though, may find that only some aspects are relevant or important to them. (For example, couples without current or expected children will most likely not have to worry about child support and parenting time.)
One critical aspect of divorce that applies to nearly every case, however, is the issue of asset division. How assets get divided in a divorce is a significant financial issue for most couples, and can continue to impact each party's financial wellbeing well into the future.
Four Key Strategies for Financially Negotiating Your Illinois Divorce Case
Because divorce negotiations can get incredibly complicated, it's important to be smart and savvy in how you go about the financial negotiations of your divorce. Here are several key strategies you can incorporate to successfully navigate through a contentious divorce.
1. Consider the Future Value of Marital Assets
Many assets will appreciate or depreciate in value over the years. It's a simple effect of the economy and passage of time. Something that may be of enormous value in the middle of your divorce may decrease in value a decade from now. On the other hand, something which may not seem particularly valuable at this point in time may prove to be valuable in the future.
Because values of assets can change so drastically, it's essential that you understand not only the current value of your marital assets, but also how those values are predicted to change over the years. By understanding the future values of your assets, you can make economical and smart choices on which assets you wish to fight for, and which assets you are willing to give up. Furthermore, you can negotiate financial security for yourself not only in the present, but for many years to come.
2. Take Into Account any Regular Expenses
Some assets come with consistent costs which must be maintained, such as property taxes and upkeep on real estate. When you consider how valuable an asset may be to your finances, it's important that you also factor in the expenses which may come with. Be aware of any significant taxes you may need to pay for certain items.
Doing thorough research into which assets come equipped with regular expenses will ensure that down the line, you aren't saddled with an asset which ends up being a bigger financial responsibility than you originally predicted.
3. Set Clear Priorities For Your Divorce Case - And Make them Known
We mentioned above how a divorce case often involves many different moving parts, all of which require significant amounts of focus, effort, and compromise. For that reason, the decision to hire a defense attorney is often of great benefit to anyone facing a contentious divorce.
When you retain a divorce attorney, you also gain a valuable partner and ally in your case. Your interests are their interests, and your fight is their fight. For that reason, you will need to disclose as much information as pertains to your divorce with your family law attorney, including your priorities. Think over and decide what key parts of your divorce you will need to negotiate on and which ones are of most significance to you. Communicate those priorities clearly with your attorney so that as they advocate for your case, they can consistently fight for your best interests.
4. Identify Your Divorce Negotiation Goals - And Keep Them Close
The best strategies always have an intended outcome or goal. The same goes for winning divorce strategies. Throughout the divorce negotiation process, know what your goals are, and keep them in the back of your mind as your case progresses. Don't let them out of your sight, because it's important to be constantly aware of the big picture you are striving for.
Divorce cases can all-too-easily become a complicated matter. An experienced attorney will have no problem remembering the goals and objectives of a divorce case and keeping them front-and-center. But for you, the client, keeping your goals front-and-center can also be of benefit. When the going gets tough, and the divorce may feel overwhelming, take a moment to remind yourself what objective you're striving towards.
Facing a DuPage County or Illinois Divorce? Contact DuPage County Family Law Attorneys
If you or a loved one are facing the prospect of divorce or already dealing with a difficult divorce case, the seasoned family law attorneys of Dolci & Weiland can help. We offer personalized and strategic representation to help our clients achieve the optimal case results they need to move forward with their lives. Whether you are concerned about your finances, child custody, or another aspect of divorce, we are here to advocate and fight for you. Schedule a free consultation today to learn how we can assist in your case.
To schedule your free family law consultation, please contact our law office at (630) 261-9098.