Divorce means that all assets both parties amassed during their marriage have to be divided. This process is sometimes more straightforward, but it can also be rather complex, depending on the types of assets that must be handled.
One type of asset that often creates challenges for divorcing couples is collections. These can be collections of figurines, paintings, vehicles or anything else of value. There are several things to consider if you have collections that are part of the property division process.
Valuation is important in all cases
Collections of items are challenging to deal with in a divorce because the value can vary depending on whether the items are evaluated as a complete collection or as individual pieces. Knowing the value of both options may be beneficial as the couple tries to divide the property they share.
When there are ample assets, the couple may choose to consider the collectibles as one unit. They can then adjust other assets to ensure that both parties walk away with an appropriate settlement.
In some cases, the collection may have to be divided piece by piece. This is typically not the preferred method because many collections are worth more as a single unit than they are when valued individually.
It’s critical that couples who are facing decisions about property division think carefully about every option they have available. It may be best for them to work with someone who can help them sort through the possibilities so they can work toward the ones that they feel are in their best interests.