Dividing Hard-To-Value Assets in an Illinois Divorce

 Posted on August 28,2024 in Divorce

Most couples going through a divorce are aware of the need for them to figure out how they will divide their marital assets. Illinois follows an equitable distribution model for dividing assets, which focuses on an arrangement that might not be equal but is fair based on several factors that are taken into consideration. It is, therefore, important for both spouses to agree about the value of each item considered a marital asset. However, some assets are unusual and can be difficult to value. Art, collectibles, and family-run businesses are just some examples of assets that can be difficult to divide in a divorce. If your marital assets include hard-to-value items, speak with an experienced DuPage County, IL divorce lawyer who can help you gain clarity and understanding.

How Are Unusual Items Valued for a Divorce Settlement?

Before a couple reaches a divorce settlement, they need to examine the total value of their marital estate. Figuring out the value of some assets, like a bank account, for example, is fairly clear-cut. However, valuing assets like heirlooms, art, jewelry, antique collections, cryptocurrency, and businesses can be much more difficult. In addition to the actual value of an item, factors like market trends and demand could impact what something is worth. If a couple has these types of items, they need an expert appraiser to help them understand how much their assets are worth, typically by determining how much the item could be sold for.

How Are Hard-To-Value Items Divided in Divorce?

When unusual items that do not have a clear-cut valuation are part of a marital estate, there are several ways to determine their value and arrange for them to be divided in a divorce settlement, including:

• Appraisal and valuation: Each spouse can get an independent appraisal to determine the value of these items. Expert appraisers are often called on to help assess the fair market value of unusual assets.
• Negotiation: When the items receive established valuations, the spouses can negotiate how they will divide them. Possible arrangements can include selling the items and splitting the proceeds or assigning certain assets to one spouse and compensating the other with their monetary value or other assets.
• Court intervention: If the spouses cannot agree about the division of their marital estate, the court might need to get involved. Appraisals and any other relevant factors will be considered to determine a fair division.

Schedule a Free Consultation with a DuPage County, IL Divorce Lawyer

If you are trying to determine a fair division of your marital estate but it is complicated trying to value some of your assets, speak with a skilled Wheaton, IL asset division attorney. At Goostree Law Group, we have experience helping clients deal with unusual and hard-to-value assets, and we are dedicated to helping you reach an optimal settlement. Call us at 630-364-4046 to schedule a free consultation.