Why You Should List Your Assets & Liabilities Before Divorce

Divorce is an emotionally and financially challenging time for everyone involved. It’s essential to approach this process with a clear head and a thorough understanding of your financial situation. One of the first steps is to list your assets and liabilities. 

The following blog will highlight the most critical considerations to consider with your lawyer regarding assets and liabilities before the divorce. 

What are the most important considerations regarding assets and liabilities before divorce?

In 2021, there were 1.3 divorces per 1,000 inhabitants in Illinois, according to Statista, and couples who divorce frequently cite major issues surrounding evaluating and dividing assets. Additionally, assessing liabilities can get tricky, particularly with complex property division and difficult divorce. 

The following are some of the most important reasons you should list your assets and liabilities before divorcing your partner:

1. To Determine an Equitable Division of Property: When divorced, you and your spouse must divide your property, assets, and debts. Understanding what you own clearly and owe to develop a fair division of property is essential. Listing your assets and liabilities will help ensure that everything is accounted for and that the division is equitable.
2. To Protect Your Rights: Listing your assets and liabilities will help protect your rights during divorce. You will be encouraged to provide an account of your financial situation, which can be used to support your claims in court. Additionally, if your spouse is hiding assets or debts, you can discover this and take action to protect your rights.
3. To Help with Financial Planning: Divorce can significantly impact your financial situation, both now and in the future. Listing your assets and liabilities can help you understand your financial situation after the divorce is finalized. 
4. To Ensure Clarity and Accuracy: Listing your assets and liabilities will help ensure that everything is accounted for and that there are no surprises later on. It’s essential to be thorough when creating this list, as any omissions or inaccuracies can have severe consequences down the line.

How can a divorce attorney help?

Divorce requires thorough consideration and expert navigation of assets and liabilities. The attorneys at The Goodman Law Firm can provide invaluable assistance in the area of asset and liabilities, helping identify and value assets and liabilities before the divorce. We are skilled in interpreting the terms of prenuptial or postnuptial agreements and negotiating to ensure a fair and equitable division of assets. 

Armed with a deep understanding of financial matters, lawyers can help create a long-term financial plan that considers all relevant issues in the divorce process. With our legal guidance and representation every step of the way, clients can be confident they are on track toward securing a settlement that meets their best interests.

Do you need assistance with your divorce? Contact us today.

 Have you been going through a difficult divorce? At the Goodman Law Firm, our experienced divorce attorneys will carefully analyze all assets and liabilities up for division and assessment to ensure you get what’s yours rightfully. We understand the stressful situation and are here to help guide you through this challenging time. Contact us today to schedule a consultation.