When going through a divorce, one of the elements of the divorce process will be the division of property between the spouses. The property that will be divided includes both the assets, as well as the debts. After the petition for the divorce has been filed, but before going to court, the couple will need to go through the discovery process if they are having a contested divorce. Trying to go through the process on your own, or just going to court to let the judge handle things, is not the ideal option. Instead, working with property division lawyers is a better choice.
What Types of Assets and Debts Are Considered?
During the discovery process, the couple will need to provide information on their debts and assets. This includes their state and federal income tax returns, bank statements for the last three years or more, information about health insurance coverage, information on retirement accounts, business records, financial statements, and more. There is a substantial amount of information that may be needed, but it can vary from one couple to another. In some cases, a couple might have very little in the way of assets and debt, and the process will be relatively simple and straightforward. In other cases, there are massive amounts of assets that need to be divided, and this is where most of the contention exists.
Benefits of Working With Property Division Lawyers
When you choose to work with one of these types of attorneys, they can help with this process, and they can work to make sure that your rights are protected during the divorce. In some cases, it is even possible to work with the other spouse in an attempt to come to an agreement and a settlement to divide the assets and debts. If a couple can agree, they will not have to go before a judge to have their assets and debts divided. It is often faster and easier to work with one of these attorneys, especially when you go through mediation.
Get the Help You Need
If you are in Chicago and you are going through a divorce, and you don’t know where to turn, consider Michael C. Craven. The property division lawyers have experience when it comes to helping people just like you go through one of the most difficult times of their life. Working with the best will ensure that your rights and property are protected.