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St. Charles divorce attorney division of assets

When you make the decision to get a divorce, the financial implications can be just as important as the emotional implications, especially when it comes to your retirement savings. Contributions to a retirement account during your marriage are almost always considered marital property and are therefore subject to division between you and your spouse if you choose to end your marriage. With this in mind, you need to prepare for the possibility that your personal retirement assets will decrease and understand how to properly divide your accounts to avoid excessive tax penalties.

3 Common Types of Retirement Accounts in a Divorce

In an Illinois divorce, 401k accounts, Roth IRAs, and pensions are all considered in the division of assets, but each type of account involves its own unique considerations to ensure the distribution is handled properly.

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b2ap3_thumbnail_home-buying-open-house-real-estate-selling.jpgDeciding to get a divorce can be one of the most difficult decisions of anyone’s life. For those couples who have been married a long time or who have children, it can be devastating. The mere thought of separating and starting over can be daunting. For some parents and kids, the marital home may have sentimental meaning. This is especially true if the couple purchased the house together after they got married and it is where they raised their family. However, the division of property is one of the main issues that needs to be resolved in any divorce. That does not automatically mean the house will have to be sold, but it is a possibility. Assuming both spouses own the home together, there are two options: sell or stay. Deciding who gets to stay can be the source of much conflict during the proceedings. A skilled divorce attorney can help figure out what is the best option.  

Benefits of Selling the House

It is imperative that both spouses learn the home’s current value. This may require an appraisal to get an accurate amount of what it is worth on the market. An assessment of the home’s monthly or yearly costs is also important, which may include the mortgage payment, homeowner’s insurance, and utility bills. Depending on the economy and housing market, most people hope to earn a profit when they sell a house. This money is typically split between divorcing spouses in the final property settlement. In certain situations, one partner “buys out” the other from the home. This means paying the spouse the portion that he or she would have received if the home was sold to an outside party. For those who want to stay in the home, possibly with the kids, this can be a good option.  

Some of the advantages to selling the marital home in a divorce include: 

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