
When you have to split up your assets in a divorce, the process can get complicated quickly. You need someone who will stand up for your best interests and make sure that these assets are all valued and divided in a fair way. A Tazewell County marital property lawyer can help you prepare for this process and get an acceptable deal that doesn’t give just about everything to your spouse.
How Are Assets Split in a Divorce?
Illinois is an equitable distribution state. This means that your marital assets are not necessarily go to be split up 50/50. Instead the goal is to divide them in an equitable way that is fair to both spouses.
This means that the court will usually consider a number of different factors before finalizing a plan to divide up assets. A judge could consider matters like the wealth of each spouse, their earning potential, and whether there will be an alimony agreement. However, before the property can be divided up it’s necessary to figure out how much everything is worth.
How Can We Prepare Our Assets For Valuation and Division?
You can make this process a bit easier by preparing all of the property that would need to be split up. Gather together deeds for any real estate and titles for any vehicles you own. Have all of the paperwork relating to your bank accounts, retirement savings, and investment accounts.
You should also take account of any other personal property that you own that could be worth money. Artwork or jewelry are good examples here. Finally, it’s time to figure out how to value all of these assets.
Which Methods Can Be Used to Value Assets?
Incorrectly valuing an asset can affect the entire property division process and result in an unfair outcome for someone. So it’s important to figure out the best possible method for figuring out how much something is worth for the purposes of property division. Some methods used include:
Appraisals: Some items, like real estate, collectibles, or artwork, can be appraised to determine how valuable they are. Sometimes each spouse brings their own appraiser into the process.
Market value assessment: This asks the question “How much would people pay for this?” by evaluating the current market and its fluctuations.
Relying on financial statements: In some cases, you can simply rely on financial documents to tell you how much something is worth. For example, a bank statement will tell you exactly how much is in a given account.
What Are Some Challenges You Could Face During This Process?
You can still face some conflicts as you value your assets. We can help you work through problems like:
- Conflicting appraisals
- Business valuations
- Dealing with unique or unusual assets
Talk to Our Divorce Lawyers
If you want to learn more about how an experienced attorney can help you with this process, contact Butler, Giraudo & Meister, P.C. We can schedule a consultation with our legal team and give you more information about the property division process and how your assets could be valued.