Navigating Divorce and Property Valuation in Illinois

 Posted on August 05,2024 in Division of Assets

Divorce can be a difficult time for families, especially in Illinois where couples face tough decisions about the future of their assets. When spouses decide to divorce, they often need to figure out how to divide their property fairly. Marital assets can include everything from houses and cars to savings accounts and investments. It is important to understand what these assets are worth to ensure they are divided fairly. If you and your spouse are considering divorce, speak with a qualified Naperville, IL divorce lawyer about conducting a property valuation.

Property Valuation in Divorce

Property distribution is an important step in the divorce process. To understand what type of property division is fair, a valuation might be necessary. Valuation is a process that determines the value of any assets that will be divided between spouses.

During a property valuation, financial experts and appraisers might be called on to assess the value of various assets. Real estate properties like a marital home and an investment apartment might need to be appraised to determine their current market value. Other assets like stocks, retirement accounts, personal property, and any businesses owned by the spouses might also need valuation to accurately assess their worth.

Property valuation is especially important when the spouses disagree about how much certain assets are worth. It is also useful when complex assets are involved. For instance, if one spouse owns a business, its value must be accurately determined to ensure a fair division. Investments and retirement accounts might require a valuation to assess their growth and future financial implications.

In Illinois, where property is divided according to a principle of equitable distribution, assets are divided fairly but not necessarily equally. Instead of taking the total value and splitting it up down the middle so each spouse gets an equal portion, factors about the spouses, their marriage, and each person’s financial situation are taken into account. Understanding the value of each asset ensures that the division is based on accurate financial information instead of assumptions or guesses.

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

Property valuation is an important part of an Illinois divorce. It helps ensure that each spouse receives a fair share of their marital assets based on their value as well as each person’s contributions and needs. If you are considering a divorce, a knowledgeable Naperville, IL divorce attorney can help you navigate the process. At Pesce Law Group, P.C., we guide our clients through the complexities of divorce and property division, and we are dedicated to protecting your interests and advocating for a fair outcome. Call us at 630-352-2240 to schedule a free consultation.