Three Common Mistakes Divorcing Couples Make

 Posted on May 07,2014 in Divorce

Couples typically do not enter into a marriage wanting to get divorced. Unfortunately, however, divorce happens. If you do not have a prenuptial agreement in place then you may be in for a long, arduous, and emotional process. (Even with a prenuptial agreement, you might be in for a long, arduous, and emotional process.) You can simplify this process by avoiding the mistakes that some divorcing couples make.

First it is important to understand the difference between marital property and non-marital property. Generally, the law presumes that all property acquired by either spouse during the marriage is marital property. There are exceptions, including property acquired by gift, legacy, or descent. Once property is classified as marital, a court will determine how to divide it equitably. Note that “equitable” does not necessarily mean “equal.” A court will consider various factors when dividing the property, including, but not limited to:

• The contributions of each spouse to the marital property, including a spouse’s contribution as a homemaker;

• The value of the property assigned to each spouse;

• The duration of the marriage;

• Whether either spouse will be receiving maintenance payments;

• The economic circumstances of each party when the division of property takes effect;

• Each party’s age, health, occupation, employability, sources of income; and

• Who is awarded custody of the children.

These factors are not weighted equally and are only a few of the considerations that a court will make.

Liquidity, Estate Planning, and Emotions 

One mistake that divorcing couples make is not considering the liquidity of assets. If an asset is liquid, it can be bought and sold easily. If it is illiquid, it is much harder to buy and sell. The family home is a good example. A party might wish to hold onto the home for sentimental reasons, but with upkeep, property tax, and other onerous responsibilities it could be a financial pitfall. This is especially a problem with women who become their children’s primary caregiver. Some women hope that by keeping the home their children will make a smoother transition post-divorce. But this could wind up as a lopsided division of assets.

Another mistake that divorcing couples make is not updating estate planning documents. Estate planning is not a one-shot deal. Too many people write wills and then file them away, forgetting to change or add beneficiaries as their families grow or adapt. After you divorce, you might not want your former spouse to receive your property, so it is important to maintain estate planning documents.

A third – and perhaps the most common – mistake that divorcing couples make is allowing their emotions to control the process. This is an easy and perfectly understandable mistake to make. You might be angry, sad, confused, vengeful, or all of the above. You might want to lash out, take the opportunity to mudsling, or use money as a tool for exacting revenge. An experienced divorce attorney can help you avoid a long, drawn-out emotional divorce while helping you receive an equitable division of marital assets. Please contact a Kane County divorce attorney today for a consultation. We can assist those in the St. Charles area.