Depending on the situation, some people might have the ultimate goal of getting out of a marriage as quickly as possible. While there may be certain situations that can call for an abrupt end to divorce proceedings, in order to preserve any semblance of financial stability, taking time to consider the implications of various options can ultimately result in the most favorable outcome possible. For most couples, this means keeping the attention on the long-term, and not just the immediate.
For instance, splitting up assets is done by equitable distribution in Illinois. This means that, rather than splitting marital property in two exact halves and awarding one to each party, each individual is qualified to receive an amount of the assets that is just and most right for the situation. This might mean that one person who wants to keep the house may have to conversely concede to an asset elsewhere. Staying in a home that was picked with careful attention to detail or that was recently renovated can seem appealing, but if that requires giving up a certain stake in an ex’s retirement plan, the value of keeping the house might not be worth it in the long run.
However, even if there is no trade-off for hanging on to the home or a different asset — such as a valuable property or a smart investment — the future still needs to be considered. People should be sure to consider the hard questions, such as, “What will the upkeep cost of the home be?” or “Will this investment be worth as much 20 years in the future?”. Answering these types of questions can provide valuable insight into the validity of certain decisions that might not have otherwise been clear.
So much of a divorce can feel as though it is about the immediate. “How soon can we reach an agreement?” is not an uncommon question that arises during divorce proceedings in Illinois. However, to make sure that individuals continue to thrive financially even years after a divorce, both parties should be sure to consider how any decision will impact both the immediate time period as well as the future.
Source: wcpo.com, “5 biggest divorce-related financial mistakes”, Wendy Spencer, March 31, 2015