How Are High-Value Collectibles Handled in an Illinois Divorce?

 Posted on September 22, 2021 in Property Division

Perhaps you have scoured flea markets and auctions for years to build your collection of antique furniture. Maybe your coin collection has been growing since you were a young child and has only increased in value during your adulthood. Collectables such as these are not only valuable in the financial sense, but they are also valuable in the personal sense.

If you own an impressive collection of stamps, coins, trading cards, records, antiques, memorabilia, or other items of significant value, these assets can impact your divorce considerably. A skilled divorce lawyer can help you determine the best way to account for collectibles in your divorce case and ensure that your rights are protected during the division of marital property.

The First Step is Having Your Assets Professionally Valued

Determining the value of a collection is challenging for several reasons. Firstly, the value of antiques and other unique collectibles is often up for debate. The value of these items can also fluctuate as the market ebbs and flows. Furthermore, the collection as a whole is often more valuable than the items’ individual values. Before you can account for collectibles in your divorce, you will need to get the assets professionally valued by an appraiser.

Who Has a Right to the Collectibles in a Divorce?

Another difficult question to answer in a divorce is who has a right to the collection. In Illinois, nearly every asset accumulated during a marriage is part of the marital estate and subject to division during divorce. Even if a collection was assembled by only one of the spouses, the items are likely considered marital property if purchased during the marriage. Assets a spouse owned before getting married are considered non-marital property and not subject to division in divorce. Therefore, it is possible that some of your collection is considered marital property, and some of it is considered non-marital property. This further complicates the asset division process.

Most of the time, property division is settled out of court in an Illinois divorce. The spouses often negotiate a property division arrangement in which both parties walk away with something they want. For example, one spouse keeps the antique furniture collection, and the other spouse keeps the prized Corvette. Conversely, the spouses may decide to sell the collection and split the profits.

Contact a Wheaton Divorce Lawyer

If you or your spouse own collectibles, you need to account for these items in your divorce. For help, contact the skilled DuPage County property division attorneys at Davi Law Group. Call us at 630-580-6373 today for a free, confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm