Equitable property division in a complex Florida divorce often includes real estate, businesses and retirement accounts. While the financial worth of these assets is generally clear cut, artwork and collectibles may require a third-party valuation, particularly when they hold sentimental value. At Cauthen, Oldham & Associates, P.A., we tailor our legal plan based on your needs and priorities.
Divorce Magazine reports that a qualified personal property appraiser can assess the value of collections ranging from collectibles and jewelry to coins, antiques and wine. There are two categories of professionals; those who have expertise in a particular area and individuals who have broad experience across many sectors. Selecting the right type of appraiser for your specific collection is essential, especially if you and your soon-to-be-ex both want it.
A credible appraisal report outlines its intended use, the scope of work, identification of the items and their condition. It also includes the name of the client. While professional appraisers provide unbiased, thorough research, both sides may insist on having their own valuation, using different experts.
The value of collectibles can fluctuate based on market conditions. Appreciation in value since the acquisition is a real possibility. Even if you had the collection as a whole or individual item appraised for insurance purposes at the time you obtained them, another appraisal is necessary if significant time has passed. When property division includes several collections, you may split them between the two of you or sell and divide the proceeds, depending on circumstances.
Negotiations can breakdown quickly when both sides are emotional. It is important to take a step back and decide how much an item is worth in the big picture. Fighting for collections that hold sentimental value may work against you if you choose to go to court. Visit our webpage for more information on this topic.
