How is a boat valued when spouses divorce?
At fair market value, with a timing wrinkle: boats are wasting assets whose value keeps falling, so many courts value the vessel as close as practicable to the date of distribution rather than the filing date. Illinois case law requires time-of-distribution values for marital property, and depreciation between filing and trial can change the divisible equity meaningfully.
Will a boat-listing website printout prove the vessel's value in court?
No. Courts treat sale-site printouts as hearsay and inadmissible opinion, and a valuation finding cannot rest on guesswork. A marine surveyor's written condition-and-value report, introduced through testimony or stipulation, is the kind of evidence that supports a judicial value, as cases like Dunfee v. Dunfee illustrate.
What happens to the boat loan when the vessel is divided?
Only the equity is divided: fair market value minus the outstanding balance. An $800,000 yacht with a $300,000 loan has $500,000 of divisible equity, so current payoff statements and lien records matter as much as the appraisal itself. Courts can also assign the boat's associated debt to the spouse who keeps it.
Is a boat titled to one spouse still marital property?
Usually, if it was acquired during the marriage; statutes like 750 ILCS 5/503(b) presume property acquired after the wedding is marital regardless of title. Registration and title records still matter as evidence of acquisition timing, and premarital purchase or separate funding must be documented to keep the vessel out of the marital estate.