What standard of value do Illinois divorce courts apply to personal property?
Fair market value: what a willing buyer would pay a willing seller with reasonable knowledge of the facts, required by 750 ILCS 5/503(k). Replacement cost and sentimental value are not the measure, which is why we appraise vehicles, jewelry, collections, and business interests for Illinois divorces on a market basis with documented support.
As of what date is marital property valued in an Illinois divorce?
The date of trial, or another date the parties agree to or the court orders. Illinois gives judges unusually broad discretion here, and in bifurcated cases the valuation date must fall as close to the divorce trial as practicable, so an appraisal needs to be tied explicitly to the operative date to be useful.
Does Illinois split marital property 50/50?
No. Illinois is an equitable distribution state, not a community property state, and 750 ILCS 5/503(d) requires division in just proportions after weighing statutory factors like each party's contribution, dissipation, and economic circumstances. Courts are not obligated to split household items or collections equally by count or by appraised value.
Is appreciation on non-marital property divided in an Illinois divorce?
No, increases in the value of non-marital property remain non-marital under 750 ILCS 5/503(a)(7), though the marital estate may claim reimbursement when marital funds or a spouse's effort drove the appreciation. Commingling is the trap: non-marital assets mixed with marital property can be transmuted into marital property, so tracing and valuation often go hand in hand.