Marital Property Has Monetary, Sentimental Value

 Posted on June 22, 2017 in Property Division

Divorcing spouses are required to divide their marital property as part of the settlement. It is important to accurately value all of your assets to ensure that you are getting an equitable share. There are tangible and intangible ways you can assign worth to assets, and understanding them is key to successfully negotiating your division of property. If the court is forced to decide on the division of property, it may not know the personal importance you place on assets that seem less valuable. When assessing the value of your marital property, there are four questions that you should answer.

Which Properties Are Shared?

Before assigning values to your properties, you need to identify your marital properties that will be subject to division. Courts typically consider marital properties to be those that:

• Are purchased or received during the marriage; or
• Precede the marriage but are shared between the spouses.

Your separate properties are not part of the division of property, but the court may consider the value of your individual assets when determining what is an equitable division of your marital assets.

What is the Monetary Value of Your Properties?

The monetary value is how much money you could expect to receive if you sold the property. A professional assessor can assign an exact value to your marital properties, based on its current and potential worth. Your properties with the greatest monetary value may include:

• Real estate;
• Business interests;
• Financial accounts;
• Retirement plans; and
• Luxury items.

What is the Sentimental Value of Your Properties?

Sentimental value is the personal importance you place on a property that would not transfer in a sale. It may be hard to quantify, but you are the only person who can accurately judge the sentimental value of your marital property. Some items have little monetary value but represent happy memories or emotional attachments.

Which Properties Are a Priority?

The most fought-over assets in the division of property may be the ones that hold great monetary and sentimental value. Family homes and business are common examples. Other properties may have greater sentimental value for one side than the other. Identifying which properties have unique value to yourself or your spouse may be useful during your negotiations. It will give you a better understanding of which properties you are willing to give up and which are a priority to keep.

Valuing Your Assets

The division of property can be one of the most contentious parts of a divorce. A Kane County divorce lawyer at Goostree Law Group can assess the value of your properties and negotiate their division. To schedule a free consultation, call 630-584-4800.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000