Illinois Divorce Finances: The Value of the Collaborative Process
As Illinois divorce finances continue to mount, both parties tend to question their current path. Ultimately, lengthy litigation entails high financial costs.
Sometimes, both parties walk away with a fraction of their initial net worth. Additionally, the courtroom battle presents an exhaustive exploration of the emotional spectrum.
However, Mediation and the Collaborative Divorce process offer an off-ramp for couples. In doing so, they spare themselves the costly litigation.
Traditional Litigation's Relationship with Illinois Divorce Finances
Way too often, spouses hire their lawyers and set out to be the “winner” in the divorce. In reality, there is never a winner. Both spouses suffer, alongside their children. Regarding Illinois divorce finances, litigation quickly drains both parties.
During a litigation, arguments arise. However, spouses allocating time to arguing over every issue often face numerous motions and court hearings. In the event of court intervention, this usually leads to expert involvement. Once the court or attorney(s) summons a third party, an additional cost is incurred. In cases involving property valuations, the court may then hire an additional expert to conduct an independent assessment.
While marital financial property plays a large role, parenting time can be just as vital, if not more so. During a litigation, both sides tend to disagree over parenting responsibility and time allocation. In this event, the court occasionally appoints a Guardian Ad Litem (GAL). Of course, this adds to the overall expense of the litigation. Despite all the arguing, hearings, and experts, neither party generally feels "happy" about the outcome.
Collaborative Divorce or Mediation: Saving Marital Assets
In a Collaborative Divorce, the spouses each hire their own attorneys. Despite the separate attorneys, both parties (the spouses and their attorneys) agree not to go to court to resolve the issues. More so, they examine all sides of the issue, reaching an individualized agreement.
Overall, this process still entails experts, such as financial counselors, divorce coaches, and child counselors. However, both parties share the cost of these third-party neutral advisors, rather than each hiring their own or having the court appoint experts.
Meanwhile, Mediation involves a neutral third party dedicated to helping the spouses reach an agreement. During this process, the mediator encourages spousal communication, helping them decide on key issues such as parenting time and other decisions. If both parties agree, mediators will conduct financial mediations. This expedites the division of assets and debt in a neutral manner.
Conclusively, both Collaborative Divorce and Mediation help spouses to protect their Illinois divorce finances. For legal guidance through the Illinois divorce process, contact the family law firm at Legal Solutions — Collaborative Family Law.
