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Dividing Assets in Divorce: Why It’s Worth Getting Appraisals on Valuables
When you are going through a divorce, dividing property is rarely as simple as splitting everything down the middle. While it is common to appraise big-ticket items like your home or business, many people often overlook the value hidden in other personal assets. Whether it’s jewelry, art, or a wine collection, getting a professional appraisal will help you make fair and informed decisions during the negotiation process.
Why Appraisals Matter
When you and your spouse negotiate who keeps what, it is often a trade-off rather than a 50/50 split. You might keep more pieces of art while your spouse takes more of the high-end furniture. However, without an accurate assessment of the value of these items, it is easy for one party to walk away with assets that have significantly more value than what the other received.
Fair market value is what an item would sell for between a willing buyer and a willing seller. Unlike emotional attachments, it reflects the real worth of an asset. This objective measure allows you to negotiate trade-offs more equitably. Without appraisals, you risk making decisions based on outdated or incorrect assumptions.
What Items Should You Consider Appraising?
While you may not need an appraisal for everyday household items, the value of many types of valuables can fluctuate based on current tastes and changes in the marketplace and can impact the overall division of property. Consider appraising:
- Jewelry
- Art collections
- Antiques, furniture and furnishings
- Wine, stamp, coin, and other collections
- Luxury items
If you believe an item is worth thousands of dollars or if a whole collection carries significant value, it is wise to get a documented professional opinion. This helps ensure that you are making fair exchanges, whether you’re keeping or letting go of particular assets.
Real-Life Example: When an Appraisal Could Have Made a Difference
Consider a case where a client was keenly attached to a chandelier she had purchased some years ago for $250,000. She wanted to keep this item in the divorce and was willing to let her spouse keep other assets of equal value. When she needed to insure the item later on, she discovered it was worth only $20,000. If she had gotten an appraisal during the negotiations, she might have made different decisions and ended up with a more balanced share of the marital assets.
Taking the Emotions Out of the Division of Assets
Divorce can be emotional, and it’s easy to overestimate the value of sentimental items or underestimate the worth of certain collections. Appraisals provide a clear financial picture, reducing potential conflict and helping you make choices grounded in fact. Taking the time to appraise your valuable property can prevent regrets and financial inequities down the road.
Making Informed Decisions to Protect Your Financial Future
By understanding the actual value of your valuables, you can make informed decisions that protect your financial interests. Whether you are dealing with art, jewelry, or other high-value assets, an appraisal is a relatively small investment of time and money that can make a big difference.
At Vacca Family Law Group, we understand that every detail matters in your divorce. That’s why we recommend a non-adversarial divorce process that gives you control over your divorce and helps you achieve a fair and equitable resolution. If you want to learn more about how appraisals can support your negotiations, contact us today for a free introductory call.