To appropriately and fairly divide marital property, spouses must first understand what their assets are worth. Some resources have a fixed value attached to them. Other assets can be more difficult to value, as their worth may fluctuate based on their condition or on market demand. People preparing for divorce often secure professional valuations for real estate and also their business resources.
In some cases, they may also need assistance from an expert for the valuation of personal property, often especially if they or their spouse collected specific resources during the marriage.
Collections can be worth thousands
Technically, any assets acquired with marital income are part of the marital estate if spouses divorce. Both joint collections that spouses built together and personal collections maintained by one spouse may influence property division outcomes.
Couples who collect wine might have bottles worth hundreds or thousands of dollars. They may not intend to sell their wine, but they do need to know what it is worth to divide it reasonably or to balance out one spouse’s retention of the collection in the property division settlement.
Works of fine art, sports memorabilia, vintage wristwatches, designer wardrobes and heirloom furniture are all examples of collections that could have a substantial impact on the final property division terms set in a divorce. Taking the time to properly value the most valuable items in a collection can help spouses achieve a fair property division outcome.
Undervalued collections can skew property division proceedings, especially if one spouse may be aware of the other’s lack of knowledge and may take advantage of the situation. Spouses concerned about high-asset property division issues may want to review their marital holdings with a lawyer accordingly.
