As a married couple, you may have built a collection of art, antiques, vintage cars or something else collectable. Determining how to split this when you divorce may not be straightforward.
Firstly, there is the fact that putting a price on such assets can be challenging. A bank account that contains 4 million dollars is worth just that – 4 million dollars. But what is that 1969 Mustang worth? Or that painting hanging on your living room wall?
Expert opinion may be necessary
Sometimes you need to call in niche professionals to put a value on things. Someone who really understands the market for your particular assets, especially when they are unique collectables. That’s unlikely to be the same person for the Mustang as it is for the painting. Remember, too, that even the experts can be wrong, as you will frequently see artworks and other collectibles selling for much more than expected at auction, while others fail to even reach their starting price.
How do you choose who gets what?
There may be items you both would like to keep. Maybe you both love that sculpture, or perhaps one of you does, while the other is reluctant to let it go because they have a hunch its value could rise significantly in the future. How do you decide who gets it? Unlike cash in the account, you can’t just split artworks and collectibles in two.
Some couples choose to sell items they can’t agree on, or that neither wants, giving them a lump sum of cash to divvy up. While this will be simpler, it does mean that neither of you will get to enjoy that item anymore.
Legal guidance to learn more about the options you may have when you’re dividing assets is wise.
