How Are Personal and Household Belongings Divided in an Illinois Divorce?

 Posted on June 21,2019 in Illinois Divorce

When you start thinking about divorce and dividing your assets, the division of your personal and household belongings may not be top of mind. However, when you add up the cost of replacing those items, the total can be significant. Insurance companies generally estimate the contents of your home to be worth about 50 percent of the value of the structure itself. Thus, if your home is worth $400,000, its contents may be worth as much as $200,000.

In an Illinois divorce, all marital property must be divided equitably between you and your spouse. Your marital property broadly includes all household furnishings and other belongings acquired during your marriage with the exception of items received via inheritance or personal gift. In a typical division of property, each party keeps their own clothing, jewelry, and similar personal items, although a high-value collection of watches or jewelry may be excepted from that rule. You will need to inventory everything else and decide on an equitable division of those items.

Division of Home Furnishings in a High Net Worth Divorce in Kane County

Here are some examples of the higher-value items in your household that you should be sure to account for in your divorce settlement, particularly if you are involved in a high-asset divorce:

• The washer and dryer, which can cost $1,000 to $2,000 to buy new.

• The lawnmower, especially if you have a $3,000 - $4,000 riding mower designed for a property of an acre or more.

• Your bedroom set, given that a premium brand of king-size mattress can cost as much as $3,000.

• A premium-crafted, solid-wood dining room set, which could retail for $2,000 to $3,000.

• High-end lighting fixtures (e.g., if you are removing a chandelier prior to putting the house on the market), which can sell for $1,000 to $3,000.

• Electronics, small appliances, and kitchenware, which can easily add up to thousands of dollars. The computers and TV are obvious but do not forget about the $1,000 robot vacuum cleaner, the $500 set of chef’s knives, and the $600 coffee maker.

• Recreational and fitness equipment, including kayaks, bikes, skis, and firearms.

• A good collection of power tools, ladders, etc. which can easily add up to $1,000 or more.

• Antiques, artworks, wine collections, and the like, which may need to be appraised to set their current value.

When you take a close look around your home, what high-value items do you see? Watch out for items that your spouse may have purchased without you realizing the cost or that your spouse may try to undervalue as a way of getting more than their fair share.

St. Charles Divorce Lawyers Experienced in Complex Asset Division

In a high-income divorce, you will want to take your time and make sure your inventory of household and personal belongings is accurate. Think about everything you will need to create a new, comfortable home for yourself. A St. Charles divorce lawyer with extensive experience in high net worth divorces will make sure you get your fair share of marital property. Call Weiler & Associates, Inc. at 630-331-9110.

Sources:

https://www.fool.com/retirement/2017/12/07/how-to-split-these-7-assets-during-a-divorce.aspx