Depending on your specific case, the involvement of the court will change. In some cases, the role of the court in Orland Park division of assets cases is more active and they have to reach an agreement for the couple. In other cases, the court only has to make sure that the agreement you reach is fair.
An experienced division of assets lawyer can help guide you through the process of splitting your property. With our help, you can move through the process and reach an agreement that works for you.
The court has to divide all property equitably in property division cases. Equitably means what is fair under the specific circumstances, it does not mean the property will be divided equally. In most situations, the parties will reach an agreement outside of court. The parties then present the agreement to the court who would then make the final decision or approval of that agreement.
In several situations, it might be necessary for there to be a court-ordered sale of property to divide proceeds. The most common area where the court would need to intervene is the sale of the marital home. Another common situation is when the parties need money while the case is ongoing. The court has the authority to order the sale of certain assets such as stocks and mutual funds to provide the necessary money.
This makes the process of property division because it allows the court to divide an exact amount of money. If at all possible, the parties should be encouraged to sell prior to the divorce because it is so much easier to divide up actual proceeds than it is to divide future proceeds.
Before they sell the asset, they must agree to a price. If the parties cannot do this, the court may have to determine a fair price. If one party thinks an asset should be sold at a higher price than the other, it becomes a problem. An attorney can further explain what happens when the court needs to order the sale of property to divide proceeds.
A property settlement agreement is also known as a marital settlement agreement. In other words, it is the division of the property between the parties including actual property, such as land, houses, and apartments. It could also include cash, vehicles, jewelry, clothing, and furniture. The settlement agreement shows how these assets were divided.
Consideration of likely outcomes does not work in the scope of the property settlement agreement. Instead, they must focus on the real value of the property. For example, if a party is selling a property and asking way too much, they are not going to get what they want. Additionally, this could delay the case significantly and the court may have to intervene.
The role of the court in an Orland Park division of assets case depends largely on the specific circumstances. Many couples reach agreements of how they will divide their assets outside of court and simply must have the court approve the plan. Others may need the court to intervene and directly divide the property. Regardless of your specific circumstances, the dedicated attorneys at Reidy Law Office LLC can help. Call today to learn more.