COVID-19 has created challenges throughout all aspects of life, including for those going through a divorce. Couples in Naperville & Bolingbrook have found extended time requirements to process the divorce, and there has been ongoing issues with child visitation and custody issues.
In addition, Naperville divorce lawyers also see an impact on how couples are able to manage the division of assets once the divorce is finalized. In general, many households in the Naperville area are facing significant drops in disposable income, which can directly impact savings, the ability for one parent to hold onto the family home, and even issues with the value of investments, retirement plans, and other types of assets.
Market Issues
The volatility of the stock market makes it challenging to manage a fair distribution of these types of assets. This has led divorce lawyers to focus on creating orders that use a date of distribution to fix the value of the account and to divide the account according to the court order.
This division may be passed on percentages of the value on the date of distribution. In some cases, the best option may be to set a base value and then adjust for any market fluctuations that impact that asset during the distribution process. Utilizing financial experts for larger asset divisions provides options and advice that can benefit both of the parties to the divorce.
In general, retirement funds and brokerage accounts, including stock accounts, continue to be distributed based on the value at the time of distribution. It is prudent to have emergency funds in place and to consider potential issues such as child-care and how school systems are responding to the ongoing issues posed by COVID-19.
Real Estate
While there has been some leveling out of the real estate market, it is impossible to predict the future with high unemployment, lack of mobility for job seekers, and the uncertainly of the value of real estate in the future.
To make this more complicated, divorce lawyers must talk to clients about the challenges of trying to sell a home in the current market. At the very least, home sales are anticipated to slow more than usual after the summer, which may lead to more divorcing couples retaining the family home and creating ways to make payments and sell in the spring with the hopes of a better market.
If you live in Naperville, Bolingbrook or any of the surrounding areas, contact Keller Legal Services to schedule an appointment for the asset division in your divorce process.