Determining the Value of Your Possessions in Divorce

Divorce can be a challenging and emotional time for all parties involved, and one of the most contentious issues is determining how assets will be divided. In Illinois, the law mandates that marital property is divided equitably in a divorce, meaning that it is divided fairly but not necessarily equally.

Determining the value of possessions can be a complex process, especially when significant assets are involved. It is essential to seek the advice of a family law attorney. An experienced family law attorney can help individuals protect their assets and ensure they receive a fair and equitable distribution of property.

What laws govern marital property?

In Illinois, marital property includes all assets acquired during the marriage, including homes, cars, retirement accounts, and investments. It is essential to distinguish between marital property and separate property, which is a property that a spouse owned before the marriage or inherited or received as a gift during the marriage.

Once it has been determined which assets are marital property, they must be valued. Complex property division can be complicated, especially if there are significant assets, such as a business or complex investments. A family law attorney can help ensure that all assets are accurately valued and that the value is precisely accounted for in the property division.

What are common modalities for assessing the division of assets in Illinois?

There are several modalities that the court may take for property division in Illinois. The first is a straight division of assets, where each spouse receives an equal share of the property. The court may also order a division of assets based on each spouse’s contribution to the marriage, considering factors such as income, education, and earning capacity.

Another modality the court may use is a hybrid approach, where the court divides some assets equally and others based on contribution. Finally, the court may order a sale of certain assets, such as a home or business, with the proceeds divided between the spouses.

Why should I hire a family law attorney?

Regardless of which modality is used, it is essential to have an experienced family law attorney to advocate for your interests and ensure that your assets are protected.

The Goodman Law Firm is a family law firm in Chicago specializing in divorce and asset division. Their experienced attorneys understand the complexities of divorce and work to ensure that their clients receive a fair and equitable distribution of property.

Are you looking for a divorce attorney to help you? Contact us today.

The Goodman Law Firm can assist individuals in valuing their assets, including businesses and complex investments. We can also help ensure that all assets are adequately accounted for in the property division. We understand how stressful divorce is, and with tough property division and organizing assets can quickly become overwhelming. We are here to help offer our expertise in the field of family law. Contact us today to schedule a consultation and get the needed representation during this challenging time.