Going through a divorce can be an extremely challenging time. To make matters worse, you and your ex will also have to find a way to split up your treasured collectibles.
Placing a value on assets such as homes and cars may be simple, but the emotional attachment can make collectibles such as memorabilia and paintings a greater challenge. That said, there are ways to settle the division of collectibles amicably and allow this process to run smoothly.
Common collectibles
It is often hard to clearly define what a collectible is because of the wide range of possibilities. These items can be anything from a family heirloom passed down through generations to a special baseball caught at a World Series game. These items typically do not have a clear-cut financial value, as they are more likely important because of the owner’s emotional attachment. Your collectibles may include:
- Sports memorabilia
- Figurines
- Antiques
- Artwork
- Vinyl records
- Comic books
- Dolls/toys
- Trading cards
- Vintage items
Options for property division
There are a handful of options for deciding who gets what in a property division settlement. You and your ex may:
- Sell the collection and split the proceeds
- Divide the collection
- Settle on a buyout
- Negotiate a trade
Under most circumstances, items in a property division settlement are given a market value to determine how they may be fairly split between you and your ex. Doing so will probably require the aid of a professional appraiser. The appraiser will assess the value of each collectible, which allows for you and your ex to determine how you would like to divvy up the items in question.
If you are unable to come to an agreement on how to divide the items in question, then you may be forced to sell the collectibles and split the proceeds.
Emotions tend to run high when you’re going through a divorce. When you face the possibility of losing treasured items to which you also have an emotional attachment, it can add salt to the wound. Understanding how to handle your hard-to-value possessions in a divorce can make you better prepared to keep what matters to you.
