Divorce In Illinois and Dividing Collections

divorce in illinoisClients often ask our attorneys about divorce in Illinois and their rights when it comes to property division. Splitting up collections sometimes causes special concern because many collections immediately drop in value if they are divided. Examples of collections might include: art, coins, stamps, ceramics, jewellery and precious metals.

High Risk Items

During a divorce In Illinois, attorneys often consider these items high risk because of their potential value. For example, the worth of coins might vary greatly, depending on their condition and the market value. Beanie Babies provide another good example of a high risk collection as years ago, they were all the rage, with some selling for hundreds of dollars.

Fair Market Value

Even if a collection costs thousands of dollars, the collection might have little value if the owner wants to sell it. For example, if an owner purchased certain collector plates, the sheer volume of plates caused their value to drop, even if the buyer paid $60.00 or more for each one. The owner might have thought that the plates were increasing in value, but they rapidly depreciated instead. Our Woodstock family lawyer can help determine the actual worth of a collection. In other situations, a collection may actually have no value at all. For example, when transporting collector plates proves to be more expensive than their actual worth, it’s best to simply write that off as a loss. However, both parties might feel frustrated at the money wasted on the collection, especially the person who initiated the purchase as they have lost both the collection and any related worth. The other person, who might have even opposed the initial purchase, might scoff at the wasted money. He or she might also attempt to assess the money paid for the collection to their spouse’s assets. However, in nearly all cases, a collection obtained during the marriage is considered marital property, and both parties will take the loss. During a divorce in Illinois, the courts will look at fair market value, notwithstanding the price paid for a collection. Finally, investments might not succeed, and they can go wrong even when both parties have the best intentions.

Call Our Woodstock Family Lawyer

If you have questions about dividing collections or about divorce in Illinois in general, contact the Stetler Law Group for assistance. Call us at (877) 812-4273.