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.