There may be unique considerations to address during the division of marital property in a same-sex divorce. Now that same-sex marriages are legal across the U.S., couples must understand their rights and navigate the process of dividing assets equitably. Here are the top 10 things to consider to ensure a fair and smooth division of marital property in a same-sex divorce.
Understand State Laws
The first step in dividing marital property in a same-sex divorce is to become acquainted with Illinois divorce rules that regulate marital property division. Illinois follows the principle of equitable distribution, meaning that property is divided fairly but not necessarily equally.
Identify Marital vs. Separate Property
Distinguish between marital and separate property. Marital property typically includes assets acquired during the marriage, while separate property encompasses assets owned before the marriage or acquired through inheritance or gift to one spouse.
Provide Full Financial Disclosure
Ensure full financial disclosure between both spouses. Each partner should provide a complete list of assets, debts, and financial information to promote transparency and facilitate an equitable division.
Perform a Valuation of Assets
All marital assets, including real estate, retirement accounts, investments, enterprises, and personal property, must be accurately valued. Hiring appraisers or financial experts can help determine the fair value of these assets.
Factor in Tax Implications
Take into account the tax consequences of dividing certain assets. For example, transferring retirement accounts may have tax implications, and considering these factors can help make informed decisions.
Seek Professional or Legal Guidance
Consult with financial advisors or accountants to understand the long-term financial impact of different property division scenarios. They can provide insights into the most equitable and financially secure options.
Consider Mediation or Collaborative Divorce
Opt for mediation or collaborative divorce if both parties are open to negotiation and compromise. These methods allow couples to work together with the assistance of neutral professionals to reach mutually agreeable property division arrangements.
Prioritize Emotional Well-Being
Divorce can be emotionally draining, especially when dealing with property division. Both spouses need to prioritize their emotional well-being and consider seeking support from therapists or counselors during this challenging time.
Custody and Child Support
If possible, try to preserve amicable relationships during the divorce process, especially if there are children involved. A respectful and cooperative approach to property division can lead to more favorable outcomes for both parties and for any children involved.
Draft a Settlement Agreement
Ensure that the established agreement is comprehensive and legally binding. Having a well-documented agreement can help avoid future disputes and provide clarity on each spouse’s rights and responsibilities.
Contact a Chicago LGBTQ+ Law Attorney
With the provided tips, divorced LGBTQ+ couples can navigate the property division process more smoothly. It always pays to be better prepared and informed on how to go about dividing assets equitably. A Chicago same-sex divorce attorney like Daniel R. Hernandez at NextLevel Law, P.C. by Daniel R. Hernandez, Esq. is ready to aid in this process. Call 312-442-2225 right now and receive a free consultation.