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Schaumburg family law attorney, property division, marital property, real estate sales, property settlementsNo one wants to give up an item he or she worked hard to acquire, but divorce requires both spouses to relinquish a portion of the assets accumulated during marriage. Still, agreeing on an acceptable division of property is a huge challenge for many divorcing couples.

Illinois law requires property division to be equitable or fair. This often means spouses receive roughly equal amounts; however, the final outcome will depend upon the Court’s evaluation of factors that examine the circumstances of the marriage and the financial position of each party. While a Judge can settle the issue if requested, couples may be better off finding a private compromise in cases of extreme disagreement.

Personal items and collectibles can be particularly hard to divide due to the sentimentality people often attach to them. One example of a creative solution to this dilemma is the auction Russell Crowe plans to have as part of the divorce settlement he will pay to his soon-to-be ex-wife.

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