People who are married sometimes begin to build valuable collections of items like artwork, vehicles, figurines or a host of other items. They likely take pride in those items and appreciate the value they’re amassing as the collection grows.
Those valuable collections they enjoyed while they were together can quickly become a point of contention if the couple decides to divorce. Trying to determine what to do with them might be a complex undertaking.
Equitable division is required in Florida
Florida follows the equitable division method for property in a divorce. This means that both parties should receive what’s fair, but that doesn’t necessarily mean a perfectly equal share. Remembering that requirement while trying to work through these collections may be beneficial for anyone going through this.
Valuation of the collection
Many large collections are more valuable together than they are as individual pieces. Having a valuation of the collection as a whole and each piece individually is often necessary if there’s a battle over the collection. The valuation helps them to know what to expect if they opt to sell the collection.
Even if the parties don’t intend to sell off the collection, the valuation sets the standard for the role of the collection in the property division process. One party may give up other assets to keep the collection together or they may decide to divide the collection between themselves.
Working through the entire property division process is necessary so the divorce can be finalized. Anyone who has a valuable collection should ensure they work with someone who can help them to learn the options for dealing with it.