Be better prepared for property division

 Posted on May 04,2018 in 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.

For some, tax issues will come up during and after the divorce. During a marriage, both assets and debts are shared, so any tax liabilities from returns filed jointly will be the responsibility of both spouses, even if one spouse did not earn income. The IRS does have a type of relief called "innocent spouse" relief, so if a person believes that he or she should not be responsible for a tax debt, he or she can choose to file for this relief.

Having a team can help a person settle other matters of the divorce as well, and can encourage the person to ask the right questions and gather the proper information. Some people, once they become overwhelmed, feel tempted to go for the first offer during a divorce. However, this could let them lose out on assets and property that they deserve.

In Illinois, property division is settled during a divorce, and then the ruling is final. Many people want to make the best effort at the right time so that they receive the assets to which they are entitled. A seasoned family law attorney can provide useful guidance and information to individuals seeking divorce, in order to assist them in achieving the proper relief during a divorce settlement.

Source: montereyherald.com, "Barry Dolowich, Tax Tips: Navigating taxes after a divorce", Barry Dolowich, May 1, 2018