The valuation and distribution of assets is one of the leading sources of contention during a divorce - even more so when the assets are unusual or otherwise difficult to value. For example, artists and other creative individuals may be required to value and split the value of their works. Art collectors may be subject to the same valuation and division of their beloved artwork. Other collectibles and family-run businesses can also be difficult to divide. Learn what you need to know about dividing difficult to value assets in your Illinois divorce, and discover how a seasoned divorce lawyer can assist you with the process.
Placing Value on Unusual Items During Divorce
Divorce settlements are reached by first examining the total value of the couple’s marital estate. Some assets are easy to value. For example, a bank account is only worth what is in it. Other assets, such as artwork, jewelry, cryptocurrencies, coin collections, luxury furniture, and businesses are far more difficult to value. For items such as these, an expert appraiser is needed. Most often, they will determine what the item would be worth if it were auctioned off or sold.