In a divorce, the division of assets can be one of the most challenging processes. If you and your former spouse own sentimental items or substantial collections, you may not know where to start. After all, when you start a collection together, you do not think about how you might split it up in divorce.
Fortunately, there are a few steps you can take to alleviate some of the challenges.
Create your inventory
Before you divide your collectibles, create a comprehensive inventory. You and your spouse should list all collectibles you own individually and jointly. Include each item’s description and relevant documents, such as appraisals or receipts. As you create your inventory, find out the worth of your collection. Items like vintage newspapers, old books and vintage Apple products could be worth a fortune.
Sometimes, property division does not have to be a 50-50 split. Try to create equitable division based on the overall value of all your assets. Consider the financial contributions of each spouse and what assets you carry individually before you decide how to split the collectibles. You may even want to discuss trading assets if your spouse wants certain collectibles but has other assets that you want. For example, you may exchange part of your collection for a larger share of your home’s equity.
When dividing your collectibles, mediation and collaborative divorce may help you make a more amicable decision. In mediation, you have the help of a third party to help you find a mutually acceptable solution.