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Be better prepared for property division

There are a number of matters to settle during a divorce. This time can also be challenging emotionally, and some people struggle to deal with the details of divorce and the feelings that come up. Luckily, experts are more than willing to share their best strategies for family law topics like property division, and individuals in Illinois are welcomed to review the tips to see how they fit into their own marital dissolution plans. 

Property division for 401(k) and retirement assets

Married couples sometimes build assets together as they attempt to reach a common goal of a comfortable retirement. When these couples divorce, they will face the property division process. This process includes splitting accounts like IRAs and 401(k)s. Illinois residents may not be aware of the correct process for dividing these accounts, but without the proper attention, some individuals could face penalties. 

Property division includes the overlooked items, like rewards

Like it or not, for many individuals, divorce is a fact of life. Attitudes about ending a marriage are also changing, with 73 percent of people reporting no moral objections to divorce in a 2017 Gallup poll. For many people, this life milestone signifies the end of the relationship and confronting the property division process that accompanies it. In Illinois, some couples will also have to separate property that is less often initially thought of during a divorce, like rewards points. 

Property division: Will divorcees hide in cryptocurrency?

Cryptocurrency is grabbing headlines all across the world as people grapple with trying to understand the new form of currency. Some individuals have pointed out that cryptocurrency is difficult to track and trace, making it a potential stash spot for people trying to hide money from their soon-to-be ex-spouses during the property division portion of a divorce. In Illinois, people who suspect that their ex is trying to hide cash may have to look even more closely to ensure they are getting a fair shake. 

Careful property division is worth special attention

Many couples today may be tempted to handle the details of divorce themselves, but they might not realize that this decision could potentially come with costly mistakes. Individuals considering divorce should be informed of all the potential tax ramifications and other details of separating retirement accounts. This and other property division concerns may have certain individuals in Illinois considering their options during the divorce process. 

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The Stogsdill Law Firm, P.C.
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Wheaton, IL 60189

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