Illinois Appeals Court Affirms Trial Court’s Acceptance of Real Estate Value in Absence of Wife’s Submission of a Competing Value

BVLaw
Court Case Digests
November 21, 2022
1731 Electrical Work
238210 Electrical Contractors and Other Wiring Installation Contractors
marital dissolution/divorce
divorce, appraisal, calculation of value, fair market value (FMV), equitable distribution, net income, marital property, dissolution, equity value, trial court

In re Trapp
2022 IL App (3d) 210291-U; 2022 Ill. App. Unpub. LEXIS 1914
US
State Court
Illinois
Appellate Court
Neil Gerber
Lisa Y. Wilson (Presiding Judge)

Summary

The primary issue in this Illinois appeal of a divorce decree dealt with the value of a company owning two buildings. The primary tenant in both buildings was the husband’s electrician business. The trial court accepted the value of the real estate company the husband’s business valuation expert, who was not a real estate appraiser, submitted. The business appraiser valued the two buildings using what the court determined to be “competent evidence.”

See Also

In re Trapp

The primary issue in this Illinois appeal of a divorce decree dealt with the value of a company owning two buildings. The primary tenant in both buildings was the husband’s electrician business. The trial court accepted the value of the real estate company the husband’s business valuation expert, who was not a real estate appraiser, submitted. The business appraiser valued the two buildings using what the court determined to be “competent evidence.”