There are a lot of assets on the line when it comes to divorce. But aside from dividing real estate, family businesses, bank accounts, etc., you may even have to divide your expensive personal items. Continue reading to learn what assets may be up for grabs and how an experienced Peoria divorce lawyer or Pekin divorce lawyer of Butler, Giraudo & Meister, P.C., can effectively fight for your hard-earned assets.
What are examples of expensive personal items?
You may not think that your personal items are of significant value. However, sometimes items significantly appreciate from their original purchase price. This is when they will become of interest in divorce proceedings. Examples of expensive personal items that you may own read as follows:
You may think that your personal items with designer brand names (i.e., purses, shoes, etc.) or jewelry (i.e., your engagement ring, wedding band, etc.) are your only possessions that are worth significant monetary value. However, there may be many more expensive items in your possession than you may think. Examples are as follows:
- Designer items:
- Engagement ring.
- Rolex watch.
- Fine china.
- Collectible items:
- Comic books.
- Hobby accessories:
- Golf, skiing, and camping equipment.
- Musical instruments.
- Sports memorabilia:
- Trading cards.
- Autographed picture, jersey, and equipment.
Will I have to split my expensive personal items in my Peoria County divorce?
Illinois is known as an equitable distribution state. This means that your marital property will be fairly and justly divided in your divorce, while your separate property will not. Examples of the two read as follows:
- Marital property: if you purchased your expensive personal item while you were married, along with using your and your spouse’s joint credit card.
- Separate property: if you purchased your expensive personal item before you were married, or you received it as an inheritance, a gift by a third party, or a gift by your spouse via a separate source of funding.
Will I have to establish my expensive personal items as separate property in my Pekin County divorce?
If you are claiming that an expensive personal item is a piece of separate property, then you are responsible for fulfilling the burden of proof. This means that you must provide the Illinois court with either a receipt that includes the date and credit card used to purchase the item or a dated photo of the item in your possession before your marriage, among other things.
For help, we recommend that you employ a talented Morton divorce lawyer as soon as you possibly can.
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Contact Butler, Giraudo & Meister, P.C., today for effective and compassionate legal counsel for the following legal matters: divorce, alimony, division of marital assets, child custody, and child support.