Once a couple in Illinois decides to divorce, the next step is for them to fill out legal documents and file them at the courthouse. During this process, each spouse must decide how to divide his or her assets and money, including jewelry and financial holdings. While it is simple to split up books, DVDs and similar belongings, it is difficult to divide monies and properties.
Consequently, couples thinking about divorce need to consider several important things, including who is going to live in their current home. Plus, they must decide how to divide the holdings belonging to their Individual Retirement Accounts (IRAs). When each person in a marriage has his or her own IRA, he or she must divide his or her holdings and monies during a divorce. One exception is if the couple writes and signs a marital settlement agreement describing how they wish to divide their monetary assets.