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"In Illinois, on what date are assets in a divorce valued for the purpose of dividing them?"
In the State of Illinois divorce asset division is usually valued at the time of trial or as close to the end of the case as possible. Cash assets are relatively easy to value in this way since you can obtain bank statements, brokerage statements, and the cash value of life insurance and the statements to value those assets at or near the trial date or the end of the case. However when real estate, partnership interests, or small businesses are valued, it is more difficult.
The valuation date is frequently a moving target since these types of assets change value over time. Also, these assets frequently require an expert to determine their value. An example would be a real estate appraiser or a business evaluator. Also, it is not unusual to have to update values even though you have fairly recent values because of the dramatic swings in today's economy.
Likewise, is not unusual for either party to obtain assets during the time the case is pending which may require additional valuations. High net worth cases or high income couples frequently have the most difficulty in valuing assets since the asset swings may involve a great deal of money.
Here is a tip: It is best to try to agree or "stipulate" with your spouse as to what date will be used as the valuation date of assets. An example would be the end of the year statements, or alternatively the end of the last quarter of the year as a valuation date. In this way, you can minimize the number of valuations and perhaps have the information needed to quickly but fairly settle your case.
We at Martoccio & Martoccio are experienced divorce lawyers who can help you determine the values of assets. Our attorneys at Martoccio & Martoccio have worked on many high net asset cases and with high income couples to determine the value of many complex and diverse assets. We regularly employ experts to perform business valuations, professional practice evaluations, such as doctors, dentists, lawyers, and difficult to value assets such as an alpaca herd. We have the experts who can value your assets, so contact an Illinois high-asset divorce attorney today.