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The complexities of sentimental items with marital property

On Behalf of | Jan 17, 2019 | Property Division |

In a Colorado divorce, the main issues that must be navigated generally involve support of a former spouse and children. Property division will also come to the forefront. Much of that involves tangible items about which it is relatively easy to formulate a monetary value. This can include motor vehicles, residential properties, investment properties and businesses. Other items are not so easy to assess. That includes collectibles, artwork and more. When couples are in dispute during their divorce and are unsure of how to value and adequately split properties in this category, legal help is vital.

People who collect artwork will do so for a variety of reasons. Whether it is due to personal aesthetics, the potential value, or a combination makes it a difficult aspect to gauge when the couple decides to part ways. If one spouse has an inherent knowledge of artwork and what it is worth, the other spouse will inevitably need help from an experienced attorney who can retain experts to accurately calculate its value so there can be an equitable division. Simply because one spouse is not well-versed in how to value art does not mean he or she should not benefit if the property was purchased or gifted to both during the marriage.

Other items such as jewelry, books and family heirlooms could have sentimental value. If there is a dispute as to which spouse owns it, it is similarly critical to have legal assistance. Sentimental value and financial value can coexist and the parties will have the right to consider how much they are entitled to as part of a divorce settlement. Are there baseball cards? Comics? Stamps? Coins? All can have value and be in dispute as to whether it is marital property or not. Anything that is part of a marriage can be considered in the case.

The main objective of Colorado courts is to have a fair division of property. This can be made more difficult if the parties are battling over these items and it is difficult to come to a determination as to the value. Having legal advice from the beginning is imperative in any divorce and it is even more crucial when there is a property division disagreement. Calling for help and advice from the beginning is key.