One of the most difficult parts of divorce is often deciding on a fair and equitable division of all assets. It is rare for couples going through divorce to agree on who should have what and the overall value of all assets. When your finances are simple, including a savings account and checking account, along with a single home, estimating the value of assets can be simple.
However, when your assets include investments, retirement accounts, vacant land and investment properties, jewelry and other valuable collectibles, it can be difficult to obtain an accurate value for these possessions.
In order to obtain a fair settlement in divorce, you really do need to know the value of the assets accrued. Illinois uses a marital property approach to asset division. Everything accrued, purchased and earned during marriage is mutually owned by both parties, no matter the discrepancy in income. A stay-at-home parent is as entitled to half of your lake house as is the spouse who was working to pay the mortgage. Without an accurate value on non-monetary assets, however, it can be difficult to ensure that the final division of assets in your marriage is fair and equitable.
An attorney can help you with the valuation of your assets
If you are considering divorce or are already in the process of divorcing, you should speak with an experienced Illinois family law and divorce attorney. Your attorney can help you by connecting you with professionals, such as forensic accountants, to help you locate any hidden assets that were purchased with money earned during your marriage. An attorney can also help connect you with professionals, such as appraisers and assessors, who are experts in the kinds of assets you hold. It can be difficult to determine the cash value of sports memorabilia, but an expert can help!
Trying to guess without an expert opinion could result in the values you assert being contested in court, dragging out the divorce process. When you claim certain assets hold a particular value, you want a verifiable and trustworthy professional opinion to back that assertion. Your attorney can help ensure that you have accurate and enforceable values for all of the assets accrued during your marriage.
The more assets, the more you have to lose
Divorce can be emotionally complex, but it doesn't need to be financially damaging. By retaining the services of an experienced divorce and family law attorney, you can protect your future and your finances. Don't let your former spouse take advantage of you when it comes to the division of your assets!