Property division is typically the most complicated issue in a divorce. And, while it can be relatively straightforward to place a value on vehicles, a home, and other assets, it can be difficult to value others. And, without a fair valuation, you might agree to a settlement that isn’t fair, especially when you consider the long-term implications of your financial situation following divorce.
In this article, we’ll discuss:
- How marital property is divided in Illinois;
- How to determine the value of complex assets; and
- Other important considerations in marital asset valuation
How Marital Property is Divided in Illinois
Illinois is an equitable distribution state. This means that almost any property acquired after your date of marriage, including businesses, stocks, and more, will be divided “justly” between you and your spouse. This doesn’t mean that you’ll necessarily receive exactly half of all property. Instead, the judge will divide the property according to a multitude of different factors.
Typically, it’s best for you to try and negotiate a property settlement without having the court intervene. Going to trial makes property division uncertain. And, as you’ll see below, you can still value property properly without doing so in court.
How to Determine the Value of Complex Assets
Businesses, retirement accounts, and other assets can be more difficult to place a value on. This is especially true since most of these assets accumulate value over time.
To place a value on these assets, your Naperville divorce attorney should bring in a trusted expert. An expert opinion is admissible in court to determine the value of assets like these, and is essential if you’re going to fairly divide your assets. These expert opinions are often the only way to evaluate your assets.
Other Important Considerations You Should Keep in Mind
Sometimes, assets have been hidden or wasted. And, if this is the case, a proper valuation of the complex assets between you and your spouse is essential to begin understanding where the hidden or wasted assets lie.
Contact Lawrence R. Surinak Ltd. to Learn More!
If you believe that your case is going to involve complex asset valuation, Lawrence R. Surinak Ltd. can help! Larry has over 36 years of experience in divorce law and has worked with many trusted experts for use in your case as well!
Contact Larry to take advantage of your free, 30-minute consultation at 630-470-9990 or, fill in our simple online form to request a consultation time at our office. We look forward to speaking with you to determine the best strategy to proceed in your case!