High-asset couples often struggle to untangle their financial lives when they dissolve their marriages. While some assets are pretty easy to put a value on, such as bank and retirement accounts, others are more challenging to price because their values are somewhat subjective. So, before you enter into property division negotiations, you need to do your best to have a clear sense of your properties’ values so that you make strong arguments to support your division plan. This week, let’s briefly look at artwork and other pieces of personal property.
Artwork and Heirlooms
Artwork and other pieces of personal property, such as family heirlooms, can be aggressively fought over during the divorce process. While they can be quite valuable, individuals can also have emotional attachments to them. This sentimental value can cloud your perception of its actual value, which in turn can lead to unrealistic expectations. Therefore, when it comes to these items, you should probably try to get an expert appraisal so that you have a clear sense of what they are worth.
When it come an appraisal, there are a number of factors that are taken into consideration in an attempt to obtain an accurate valuation. The condition of the item in question can be key, but so, too, can the current state of the market for that item. The materials used, the method by which it was created, and even the age of the item can all play a role in the appraisal process.
Leaving Room for Argument
It doesn’t take an expert to see that the appraisal process can be highly subjective. This means that the parties to a divorce can disagree over the value of certain assets. They may even secure their own appraisers that come to different determinations.
So, when entering the property division process involving valuable assets, you should be prepared with strong arguments to support your position, which may include an expert appraisal. But you also need to be prepared to defend your assessment of assets’ value while at the same attacking your spouse’s analysis. This can be a confrontational and challenging process, which is why many individuals find that it’s best to have assistance from a legal advocate when addressing these matters.