Property Valuation in an Illinois Divorce

 Posted on September 05, 2024 in Property Division

Divorce is one little word that contains so many aspects. When a couple is going through a divorce they need to understand what will happen with their children, their home, and their assets after the marriage is legally over. In Illinois, which follows an equitable distribution model, it is important to understand the value of everything included in the marital estate to ensure a fair division. This article will explore the topic of property valuation in Illinois divorce. To learn more, speak with a knowledgeable Wheaton, IL divorce lawyer.

Equitable Distribution in Illinois Divorce

When it comes to property division in a divorce, there are generally two options a state can follow: equitable distribution and community property. A community property model aims to split all the assets a couple has equally, with each spouse getting an equal half. In an equitable distribution state like Illinois, the courts strive to arrange for a division of property that is fair, but not necessarily equal.

That means the judge will consider factors beyond the monetary value, including how long the couple was married, each spouse’s potential earning capacity, and whether either spouse contributed to the other’s career. This helps determine what percentage of the marital estate each spouse is entitled to, but that is only one major part of the calculations. Couples also need to understand exactly how much all the property and assets are worth.

Property Valuation in Illinois Divorce

Marital estates often include assets that do not have a clear-cut value. The price that something costs a couple to buy is not necessarily its value when they decide to get a divorce, and they might need a property valuation to determine its worth. Assessing property value generally requires the expertise of appraisers and financial planners or consultants.

If a couple owns real estate, factors like the neighborhood where it is located, nearby infrastructure, and access to essential services or luxuries can impact the value. If one or both spouses own a business, a fair division requires an accurate understanding of how much it is currently worth and how much revenue it could generate in the future. Similarly, investments need to be valued so their growth and forecasts can be estimated.

Schedule a Free Consultation with a Wheaton, IL Divorce Lawyer

If you are concerned about ensuring a fair division of assets, speak with a qualified DuPage County, IL divorce attorney about getting a property valuation. At Davi Law Group we are dedicated to ensuring that our clients get a fair share of their marital estate. Call us at 630-657-5052 so we can fight for your rights and seek a fair resolution.