Division of property is often a major concern for divorcing couples. As an equitable distribution state, however, Illinois law requires that each spouse receive an appropriate, but not necessarily equal, share of the marital property based on the circumstances of the marriage and divorce. There are a number of methods which may be used to divide property and the right one for a given situation generally depends on the specific assets to be distributed and their appraised value. In some cases, a structured settlement may be appropriate.
Liquidity of Assets
Establishing the value of particular assets may be fairly easy or rather complicated depending on their nature. Goods and property, such as a piece of artwork or real estate, and accounts, such as savings or certificates of deposit, can be valuated with a degree of certainty, as such assets could be converted to cash relatively easily. Others, such as the family home, a business owned by a spouse, and long-term investment or retirement accounts may require an actuary or other financial expert to calculate their actual and anticipated value. Many of these type assets are considered nonliquid or illiquid, as they are not easily converted to cash for equitable distribution.