Dividing your assets is a routine part of the divorce process. However, if you have a collection of rare artifacts, expensive cars or family heirlooms, you may fear losing it.
There are several options when dividing high-value holdings. To decide which solution works best, you must prove ownership, calculate the value and prepare for a negotiation.
Determine right of possession
First, establish who owns each item within the set. Kentucky law declares that most property obtained during a marriage is subject to fair distribution. Although, some things are exempt from marital property, such as:
- An inheritance that you keep separate from the marital finances
- Gifts given to one spouse by a third party
- Products purchased before the marriage or after the date of separation
- Interest earned on respective belongings unless the other spouse contributed to its improvement
- Items purchased with money received from selling gifted or inherited assets
Calculate the worth
To determine an equitable division of the jointly owned lot, you need to know the current value of each item. Appraisers that specialize in your specific collection should give the most accurate estimate. You and your spouse can use one professional, or you may each hire your own appraiser.
Divide the assets
With ownership and monetary value established, you can then negotiate the division of the ensemble. You have three options:
- Sell the lot and share the profit
- Each of you takes an equal part of the collection
- One spouse buys out the other’s share and keeps the entire set
If you and your spouse can not agree, the court may decide how to split your valuables.
Approaching the separation of your collection based on facts can make it easier to handle this emotional decision.