COVID-19 impacts financial side of divorce process, valuing assets

Modern Family

By Katherine Welz Herr

Katherine Welz Herr is an associate at Schiller DuCanto & Fleck LLP. She is well-versed in all areas of family law, including complex financial and business matters. She is a strong advocate for her client’s personalized needs. She uses her strong analytical skills to develop cogent legal arguments on her client’s behalf. She can be reached at kwelzherr@sdflaw.com.

Posted August 10, 2020 10:54 AM

Like many other facets of our daily lives, COVID-19 has created special challenges in divorce proceedings. Many are familiar with the unique challenges COVID-19 places on parenting time and parenting decisions, but COVID-19 also affects the financial side of the divorce process and has exacerbated already complicated financial issues. Specifically, COVID-19 has created a peculiar problem with respect to valuing assets.Section 503(a) of the Illinois Marriage and Dissolution of Marriage Act requires a Court to “make specific …

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