An Honest And Smart Approach To Family Law

How are collectibles assessed and divided in a divorce?

When dividing property in an Arizona divorce, there are many factors to consider. It is important to note that Arizona is a community property state. That means that most properties that were acquired after the couple was married will be shared equally regardless of who wanted it or purchased it. While many property disputes can be complicated, some are harder to resolve than others.

Collectibles can be valuable and challenging in a divorce

Disagreements over collectibles are common in a so-called “gray” divorce involving people 50 and older, but it can happen in any divorce. Classic automobiles, sports memorabilia, comic books, coins, stamps, items from the entertainment industry – all are categorized as collectibles. There are countless others.

Coming to an accurate assessment as to the value and finding a way to split it fairly in a divorce is problematic. These items are unique in that there might be a sentimental attachment. In some cases, the parties have a written agreement in place as to how these properties are addressed. If that is not the case, there are other considerations.

Perhaps the item was a gift from a third party. It could have been inherited. In these circumstances, it might be classified as separate property. Its value at the time of the divorce is key. If there is nostalgia involved and the item does not have great market value, then it is unlikely to be worth arguing over. It is also important to produce receipts and know their value at the time of purchase. It is imperative to have help from professionals in the field before deciding on the next step.

There are solutions to settle complicated property disputes

Collectibles are an example of property that can be hard to appraise. Adding to the lack of certainty is the possibility that one person wants to retain it while the other is only interested in its financial value in seeking a fair resolution to the case. For some, a negotiated settlement can be reached. If that is unrealistic, it is wise to be prepared to go to court.