Keep, split or sell. That is what it often comes down to determining what to do with valuable collections when affluent couples divorce. There may be disputes and tugs of war over these assets, but resolution is necessary as to who gets the fine art, priceless wine collection and even thoroughbred horses.
Collectibles and other unique possessions represent atypical assets compared with retirement investments, homes and second properties. However, these assets still must get attention in asset division scenarios.
Make and inventor, confer with valuations expert
Couples accumulate significant assets while married. And each brings some assets into the marriage as individuals, and those are non-marital assets. But the assets they gain while together are marital assets, which get scrutiny during a divorce.
Here are some necessary steps to take when dealing with collectibles and similar assets in a divorce:
- Make a thorough inventory: This will take some time and thought, but you want a complete list of each asset in question. Those in dispute get extra attention. The list may include luxury cars, firearms, rare coins and books, stamps, fine art, sports memorabilia and comic books.
- Get an appraisal: You must determine how much these assets are worth. The results may be eye-opening. The best way to do this is to retain a valuations expert. Consider working with such a person who is part detective, part investor and part adviser. A valuations expert should have a solid idea on the market value of the assets and gauge whether a demand exists in the market.
In some cases, couples may have no options other than to sell the assets. Division of assets can be complicated, and, sometimes, you likely must part with items you cherished.
Prepare and protect
In divorce, it remains important to prepare and protect yourself to get your fair share of assets or simply retain what was yours all along.