When New Yorkers face a high-asset divorce, they run the risk of leaving money and resources on the negotiation table.
Today’s post will focus on how you can avoid just that by accurately valuing collectibles in your New York divorce.
Understanding the value of a collection
When dealing with collectibles other than Art and wine, if you are not the collector spouse, you may severely undervalue niche collections like rock ‘n’ roll memorabilia and other arcane pursuits.
While you may have no personal use for the broken neck of a Paul Stanley (KISS) guitar, trust that others do and will pay dearly for what you might view as junk.
Look online to know where to start
There are online communities of collectors of about everything one could imagine. A couple Google searches can point you in the right direction to find a professional to value the collection.
Also, it’s likely that some of the collection belongs solely to the collector spouse because they got or bought pieces before the marriage. You will also need to separate collectible assets from before and during the marriage to arrive at the items’ correct value.
Collectibles provide opportunities for trade-offs
Hone your negotiation skills when dividing any collectibles acquired during the marriage. The fact that you may have no interest in owning the items is irrelevant to their inherent value. Once that value is established, you can then attempt to trade your interest in the collectibles for a compatible asset that you need to walk away from the marriage with, ready to begin the next phase of your life.