Going through a divorce in Illinois will require all marital property to be accurately classified and divided according to the theory of equitable distribution. Yet certain types of property can pose complications, and it can be necessary to take additional steps to determine how particular assets should be classified and valued. Indeed, dividing valuable and unique collections in a divorce can result in complexities that may require assistance from expert appraisers in addition to in-depth investigations to determine whether the property should be classified as a separate or marital asset. Valuable and unique collections can range from art and rare book collections to antique jewelry and furniture in the couple’s home.
Our DuPage County property division attorneys want to provide you with some of the information you will need as you consider the divorce process and the division of distinctive collections or collectible assets that may be classified as marital property under the Illinois Marriage and Dissolution of Marriage Act (IMDMA).
How Will the Assets Be Classified?
In order for any assets to be divided in a divorce by a DuPage County court, those assets must be classified as marital (as opposed to separate, or non-marital) property. When it comes to items in a valuable collection, one or both spouses might be hesitant to divide the collection, particularly when it has more value as a whole. Accordingly, one of the spouses might attempt to argue that the objects should be classified as separate property and should not be divided in the divorce. To be classified as separate property, one of the following usually must be true of the assets:...