Determining the Value of Your Assets in a Divorce

Even the simplest divorce cases require both parties to submit financial disclosures to the court about the value of their assets and debts. In most cases, they can agree during mediation about how to divide those assets and debts, and then they sign a marital settlement agreement, which the court signs into a court order of dissolution of marriage.  In the most contentious divorce cases, a judge decides at the conclusion of the trial the fairest way to divide the couple’s marital property. Since Illinois is an equitable distribution state, there is no set formula for calculating the division of marital property, and the judge must decide, based on the evidence presented by the spouses, what is fair. The best way to ensure that you get a fair share of the marital property in your divorce is to contact a Chicago property division lawyer.

Assets and Debts, Separate and Marital

Divorce requires you to confront hard truths about your financial situation.  If you have concealed any income, assets, or debts from your spouse, you will have to tell the court about them in order to accomplish your divorce. You do not, however, have to share all of your assets with your spouse. An asset is considered marital if it came into your possession during the marriage. Therefore, income earned by both spouses during the marriage is marital property, regardless of which spouse earned it. Real estate and personal property bought during the marriage are also marital, regardless of whose name is on the title. Meanwhile, an inheritance received during the marriage is the separate property of the recipient, and the same goes for settlements arising from personal injury claims.  Property you owned before you got married is your separate property.

Likewise, debts that you have been paying off since before you got married are your separate debts, and your spouse bears no responsibility for them. Money that you borrowed during your marriage is marital debt, regardless of which spouse benefited from the loan.

When Do You Need an Expert to Help You Determine the Value of Your Assets?

Some assets change quickly in value.  If you and your spouse bought your house more than a year ago, you should have it appraised.  In your divorce case, you must account for the appraised value of the house, as well as the amount you owe on the mortgage.  When it comes to stock market investments and business interests, it is a good idea for your divorce lawyer to consult a financial expert to assess the value of these assets.

Sometimes Sentimental Value and Practical Considerations Count More Than Resale Value

The cash value of marital assets is not the only factor that determines who gets them after the divorce.  For example, your husband can keep the pool table if he was the one who played pool, even if he bought it during your marriage.  Likewise, you and your husband might agree that you should keep the marital home since you will have parenting time on school days, and it is close to your children’s school.

Contact Women’s Divorce & Family Law Group About Division of Property

A Chicago property division attorney can help you and your spouse reach an agreement about the value and division of your marital property.  Contact Women’s Divorce & Family Law Group in Chicago, Illinois, to discuss your case.