If you are getting a divorce in Illinois, an important issue that needs to be resolved is dividing marital property and assets. At The Women’s Divorce and Family Law Group, our goal is to help you get the maximum amount to which you are entitled. The following details personal belongings to consider and the role they can play in a final divorce order or settlement.
Including Personal Belongings in Your Marital Property Inventory
When filing for a divorce through the DuPage County Domestic Relations Court or in other jurisdictions throughout the state, you will need to submit an inventory of all marital property. Larger items, such as homes, cars, and furniture are obvious, but personal belongings that are often overlooked despite having significant value include:
Dividing Personal Items in a Settlement
Under the Illinois Statutes, all marital property must be divided on an equitable basis in a divorce, meaning each party is entitled to a fair share based on all the factors involved. It is important not only to list all of the above and other types of personal belongings in any inventory but also their estimated value. Consider what you paid for them and what they currently may be worth. Websites such as eBay can be helpful. Depending on the size of the estate, you may want to get a formal valuation.
Once you have an estimated value for all personal belongings and other marital property and assets, you can then determine what you might want in regards to any divorce negotiations that take place. For example, you might be willing to trade your share of any gun collections, motorcycles, tools, electronics, or camping equipment for full ownership of your home, furniture, artwork, or other belongings. You can also use items on your list to negotiate a larger portion of assets such as investments, shares in businesses, or money in savings accounts, as part of a final divorce order or settlement.
Our Chicago Marital Property Division Attorneys Help You Get What You Need
Making a complete inventory of all personal belongings in a divorce is key to getting the maximum amount you are entitled to in any final divorce orders or settlements. At the Women’s Divorce and Family Law Group, our Chicago-area marital property division attorneys are here to help. Give us a call or contact our office online and request a consultation today.
There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.
“When I needed a family lawyer, I trusted the Women’s Divorce & Family Law Group and you can too.” Dr. Debra Thomas – Orthopedic Surgeon – 1988 U.S. Olympic Bronze Medalist”
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Lake Forest, IL 60045
3333 Warrenville Rd.
Lisle, IL 60532
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Chicago, IL 60601
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