Common Property Division Mistakes Made During an Illinois Divorce

 Posted on May 14, 2025 in Division of Property

During the Illinois divorce process, the division of assets is one of the most important elements. For some couples, it is very straightforward, and for others, several factors can complicate the process. A large asset portfolio, substantial debt, commingled funds, and fluctuating property value can present many challenges. To avoid some common mistakes made when dividing property, reach out to an Illinois divorce property division attorney who can address your concerns about what will happen to your assets during divorce.

Miscalculating Asset Value in an Illinois Divorce

Resolving disputes and reaching a compromise outside the courtroom is ideal for most couples. However, when all elements of asset division are left to those with less experience, you risk undervaluing your assets, leading to a grossly inequitable distribution or negative financial implications you had not considered.

For example, you may argue aggressively to keep your home, only to find out that you cannot afford it on your income alone, or you may accept an asset that fluctuates in value, such as stock options, without getting an expert opinion about how worthwhile it is for you. The concern is that what you receive in the settlement may be worth far less than you thought.

Failing to Disclose All Debts and Assets During an Illinois Divorce

During a divorce, both spouses are required to disclose all property. Under Illinois law, even debts are property. Hiding assets to avoid losing them has serious consequences in Illinois. A knowledgeable attorney or forensic accountant can often find evidence of hidden assets in financial documents, such as tax returns and bank statements. Even if it is not discovered until after the divorce is finalized, the Court can reopen a case and allow an ex-spouse to seek compensation for hidden assets. 

Not Negotiating a Fair Settlement During Divorce Proceedings

Understandably, couples sometimes rush the divorce process to push past the discomfort. However, negotiating a fair settlement can take time, especially in high-asset divorces. An experienced attorney can help you find the space to compromise without giving in too often or too easily. Having a legal professional present to keep you aware of your rights under state law is crucial to the negotiation process.

Allowing Emotions To Drive Decisions During Asset Division

Divorce is an emotional process that sometimes occurs under unexpected circumstances. Couples may enter proceedings with resentment or guilt, allowing it to drive their decisions. Giving up assets to get through it quickly or refusing to negotiate out of spite will not benefit anyone in the long term. Avoid letting emotions get the best of you by:

• Prioritizing financial stability over "winning"

• Taking as much time as you can to negotiate

• Consulting with your attorney before making any big decisions

Keeping the home can feel like a win in the moment, but if the mortgage causes you to suffer financially, it is the wrong choice for the long term.

Contact a Rolling Meadows, IL Property Division Attorney Today

For a better chance at avoiding mistakes during the property division part of an Illinois divorce, speak to a Hoffman Estates, IL asset division lawyer at The Law Office of Nicholas W. Richardson, P.C.. Your case has unique circumstances that require careful assessment to help you reach a fair settlement. Call 847.873.6741 to schedule a free, confidential consultation with a legal representative dedicated to protecting your rights under Illinois family law.