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Tag Archives: asset valuation

Illinois divorce lawyersThe 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. 

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Wheaton divorce lawyersIn an Illinois divorce, parties divide their assets in an equitable manner. However, not all items can be divided or split. Some items can also be difficult to value; art is a prime example. Learn more about how difficult-to-divide assets like artwork are divided in a divorce, and discover how a seasoned attorney can help to protect your financial future.

The Value of Art

Legally speaking, artwork purchased during the marriage is no different than any other valuable asset; it is appraised and receives a dollar value and is then added to the overall total of the marital estate. Parties can then either sell the artwork and split the proceeds in an equitable manner, or one party can “buy” the other out by offering other assets in lieu of the artwork. 

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Illinois divorce lawyersWhile it is possible to take a divorce case to litigation, settlements are often more favorable for all parties if a settlement can be negotiated. Sadly, divorce often involves a lot of deep and painful emotions, and that can cause people to act in ways that are unexpected or out of character. Money and child-related matters can also turn what might have been an amicable situation into a contentious one, especially if one or both parties try to use hard bargaining tactics to get what they want in the divorce. Learn how to reduce the risk of such issues in your case, thereby increasing your chances of obtaining a favorable settlement in an Illinois divorce.

Leave Your Emotions Out of the Process

It can be difficult to separate your emotions from the legal aspects of your divorce, yet doing so is essential if you hope to successfully navigate the negotiation process. That is because you cannot make rational decisions about your assets or other aspects of your case if you are viewing them through an emotional lens and placing a non-monetary value on them. Most divorcing parties find that therapy and other support systems, such as family and friends, are a great way to process the emotions they experience during the divorce process so that they do not affect the proceedings. Self-care can also be helpful in counteracting negative or painful emotions.

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DuPage County divorce lawyersOf all the elements of divorce, few are quite as contentious as the division of marital assets. Illinois divorces can become especially heated since, unlike in other states, assets are divided “fairly,” rather than equally. Learn more about how assets are divided in an Illinois divorce, and how an experienced attorney can protect your financial future during the process.

Equitable Distribution versus Equal Distribution

While many states distribute property equally in divorce – meaning, the value of the estate is divided equally between both parties – Illinois uses an equitable distribution method. Essentially, this means that the estate is divided “fairly” between the divorcing parties. Unfortunately, everyone has a different perception on what, exactly, fair means.

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effectiveness of a prenuptial agreementThese days, many people contemplating marriage consider entering into a prenuptial agreement. This legal document was traditionally used almost exclusively by the very wealthy in order to protect their assets in the event of divorce. However, it is increasing in popularity among people with average income today in order to set expectations and come to an agreement on certain terms in the event of divorce long before a marriage ever breaks down.

While such a conversation may be uncomfortable for a couple to have as they are planning to spend their lives together, the taboo that used to be associated with entering into a prenuptial agreement may have faded somewhat in recent years. This is good news for those who may be interested in entering into such an agreement, but one question remains: how effective is the document in successfully determining each spouse’s rights in the event of divorce and being held valid in the face of challenges?

Safety of a Prenup

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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