How is Marital Property Valued in an Illinois Divorce?

 Posted on December 22, 2020 in Property Division

Unlike some other states, Illinois does not require divorcing couples to divide marital property in half between them. However, it does require them to divide assets equitably to prevent either party from facing excessive hardship, and in order to do so, it is important to know how much the marital property is worth. Valuing property can be one of the most complicated parts of the divorce process, but with the help of an experienced attorney and financial professionals, you can better ensure an outcome that protects your interests.

The Process of Valuing Marital Property

Before beginning the process of valuing marital assets, it is important to determine which properties are considered to belong to the marital estate, and which are considered individual, non-marital property. In general, non-marital property is that which was acquired by either spouse before the marriage, whereas marital property is that which was acquired by either spouse during the marriage, except through an inheritance, gift, or a few other exceptions. In some cases, however, non-marital property may have been combined or commingled with marital property in a way that makes it difficult to isolate during a divorce. It is usually a good idea to work with a personal accountant or another financial professional to help you distinguish marital and non-marital property.

Once you have a better idea of which properties are considered marital, it is then important to determine how much each of them is worth. Some assets, like bank accounts, retirement accounts, and stock investments, have a relatively straightforward value, but it is important to establish a date at which the value is determined for division purposes, since it may fluctuate over time. You may be able to agree upon a date with your spouse, or the court may make the decision.

For other properties, however, the valuation process can be much less straightforward. Homes and other real estate properties, businesses, cars, and other valuable properties like art, jewelry, and furniture, all have values determined by the market. The court may order appraisals of these properties, but it is also a good idea to seek the services of your own appraiser. You should find appraisers who are knowledgeable about the specific types of property that you need appraised. You can then use the results of the appraisal to negotiate with your spouse or make your case to the court.

Contact a DuPage County Property Division Attorney

At the Davi Law Group, we can refer you to financial professionals who will help you determine a fair value for your marital property. We will also help you protect your property interests throughout your divorce negotiations or trial. Contact an experienced Wheaton divorce lawyer for a free consultation at 630-824-3474.

Sources:

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

https://www.forbes.com/sites/jefflanders/2013/01/22/seven-key-points-divorcing-women-need-to-know-about-real-estate-and-real-estate-appraisals