How Do Property Division Negotiations Work in a Divorce Case? 

 Posted on March 12,2023 in Divorce

When a married couple decides to get divorced, one of the most important issues they will encounter is the division of marital property. Both spouses have a right to a fair share of any property that was acquired during the marriage, save for certain exceptions. Real estate, bank accounts, retirement accounts, household items, vehicles, investments, and even businesses may be considered marital property.

Spouses may be able to agree on how to divide their shared property and reach an out-of-court settlement. This process can be challenging, as it generally requires both parties to negotiate and reach an agreement that they are both content with. However, reaching a property division settlement is generally preferred to a divorce trial, during which the court makes decisions on behalf of the spouses.

What is Involved in the Negotiation Process?

The property division process will look different for each divorcing couple. If you and your spouse are on good terms and can work together to reach an agreement, you may be able to simply discuss the terms of property division and determine who will keep what assets. A mediator can provide valuable assistance during these discussions as well. 

Collaborative law is also a useful resolution method for spouses who have complex financial matters to discuss but are willing to discuss property division peacefully and negotiate in good faith. During a collaborative divorce, an attorney represents each party, but the spouses’ attorneys do not engage in litigation. Instead, the spouses, their attorneys, and third-party experts, such as financial professionals, all work together to reach a solution.

If the relationship between you and your spouse is hostile, a negotiated settlement may still be possible. However, the negotiations may need to be handled by the attorneys for each party. If you go this route, you will work with your attorney to determine your needs, priorities, and goals with regard to property division. You will also discuss what type of settlement offers you will and will not accept. Your spouse and his or her attorney do the same thing. The attorneys then communicate with each other and work to find a property division arrangement that both spouses agree to.

If an agreement cannot be reached through negotiation, the case may advance to litigation. However, there is still an opportunity for a settlement to be achieved even moments before the trial.

Contact our Palatine Divorce Lawyer

Marital property includes most of the income and assets acquired by either spouse during the marriage. An essential part of the divorce process is dividing shared property between you and your spouse. Our Arlington Heights divorce attorney is experienced in negotiated settlements as well as complex litigation. Call the Law Office of Nicholas W. Richardson, P.C. today at 847.873.6741 to set up a confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm