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Illinois Law - As of What Date are Assets Valued? For purposes of the property division, assets are valued as close to the trial date as possible. Section 5/503(f), (h). Cases: Hale (1996) 662 N.E.2d 180 (In this case, the court tried not to let the husband profit from his fraud. After the parties had been divorced, the wife discovered that the husband had concealed some real estate from her. He also concealed that he had earned a real estate commission. In the meantime, the value of the real estate in question had increased. The court found that the land should be valued as of the re-trial date, even though that was three years after the divorce. This gave the wife the benefit of the increase in the value of the land during that time. The parties had been married for six years. The wife was in her 30's, the husband was in his 50's. The wife earned about $15,000 a year. The husband was not employed but received social security payments of $13,300 a year. When the husband turned 65, he would be entitled to a pension of another $12,000 a year. The court divided the property about 50/50, even though it was a six-year marriage and the wife was much younger than the husband.) Weiler (1994) 629 N.E.2d 1216 (The assets should have been valued at the date of the trial. The lower court erred by valuing them as of nine months earlier. The court should have pro-rated the contributions and earnings for the nine months after the last corporate contribution to the plan and before the trial date. In this case, the husband had a defined contribution pension. The husband had argued that some of the money accumulated in the plan after the marriage was non-marital. The husband's theory was that some of the accruals were earnings on the pre-marriage portion, and therefore were the husband's separate property. The court appeared to agree with the husband's reasoning. But the court disagreed with his method of calculation and sent the case back to the lower court for a recount. (Note: Most courts in most states would reject the husband's theory, here. Most courts say that all increases after the marriage in a defined contribution plan, including earnings on pre-marriage deposits, are marital property.) The court also found that a $4,000 contribution to the wife's IRA constituted a spousal gift, and caused that IRA to be his wife's separate property. In this case, the husband had testified that he had intended to make a gift and to give his wife total control over that money.)
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