Obtaining Asset Value Through a Divorce Sale

Obtaining Asset Value Through a Divorce SaleSome marital properties from a divorce are more valuable to you if you sell them instead of deciding which one of you gets to keep them. In a divorce sale or auction, you can convert properties that neither of you wants into money, which you split as part of your division of property. You do not have to organize your divorce sale together with your spouse, but he or she must approve the sale of any marital properties. You must plan ahead for your divorce sale to ensure that you will receive full value for your properties.

Advantages

You will have different needs as a single adult than when you were married. Some properties will be impractical to keep as part of your new lifestyle. For other properties, their monetary value is more useful than the enjoyment you get from them. Selling these properties may be to your advantage because:

  • Unlike the property itself, you can equitably divide the money from selling the property;
  • You may need the money to support yourself after your divorce;
  • Money from a divorce sale can help pay off marital debts; and
  • You can save on the cost of keeping and maintaining the property.

A Successful Sale

Once you have identified marital properties that you want to sell, you must research and plan before selling the items. You can cheat yourself and your spouse by selling these properties for less than they are worth. Here are three keys to a successful divorce sale:

  1. Assess Your Properties: You need to know the accurate value of a property before you sell it, especially if it is a specialty or collector’s item. You should already have an assessor you are working with as part of your divorce.
  2. Choose Your Markets: Getting full value for your properties depends on where you sell them. Collectors will pay more for specialty items than what you would receive from a general buyer. Allowing people to bid on the item may earn you more money.
  3. Know Whether to Accept an Offer: Your properties are only as valuable as what someone is willing to pay for them. A potential buyer may offer you less money than what you believe the property is worth. You must judge whether you are better off accepting the low offer or keeping the property.

Money Matters

Your divorce agreement needs to set you up for financial success, which may require you to sell certain properties. A Kane County divorce attorney at Goostree Law Group can help you evaluate your marital properties. Schedule a free consultation by calling 630-584-4800.

Source:

https://www.itsovereasy.com/insights/5-ways-convert-stuff-cash-divorce

Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 1770 Park Street, Suite 205
Naperville IL 60563

 630-364-4046

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

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