A lot of the divorce process focuses on dividing marital assets so that you and your spouse are both in a fair financial position post-marriage dissolution. While you’ll certainly need to devote a significant amount of time to addressing property division, there are other, more emotionally charged issues with which you’ll have to contend. Child custody is one of them that you’ll need to adequately prepare for, but you’ll probably also have to figure out how to deal with assets of sentimental value.
While these assets may not carry the financial value attached to other marital assets, they can hold a special place in your emotional well-being and your overall life. Therefore, you have to a have a plan to address these assets in the property division process. But you have to be careful as you develop it. Otherwise, you could end up caving in on major financial matters, thereby leaving you facing money woes as you move into the next chapter of your life.
Tips for handling sentimental assets in your divorce
There are several ways to approach your divorce. You have to assess your options and choose the one that works best for you. When it comes to dealing with assets of sentimental value, you may want to consider the following:
- What you have to give up: To secure an item of sentimental value, you may have to give up other valuable marital assets. This is especially true if your spouse has an attachment to the asset in question. Just make sure you’re not giving away so much that you put yourself in a difficult financial position post-divorce.
- The item’s financial value: Although the focus of the asset in question is its sentimental value, it may also have a financial value attached to it. To figure out what the asset is worth in that regard, you may have to have a valuation conducted. If that’s the case, be sure to find an expert who can use the proper valuation methodology to give you clear indication of what you’re working with during negotiations. This can help give you some talking points and direction during settlement talks.
- The cost to maintain the asset: Some assets that carry sentimental value, like the family home, can be expensive to maintain and repair. Before aggressively fighting for these assets, you should gain an understanding of what it’ll cost to maintain those assets so that you have a realistic picture of your ability to appropriately keep them without devastating your financial positioning.
- Whether the asset can be duplicated: Some marital assets that carry sentimental value can be easily duplicated. While you may not end up with the only copy or the original, you and your spouse can still share the asset in a certain way. This is easily done with photographs, but even items such as heirloom jewelry may be replicated in a way that ensures that you and your spouse don’t have to fight as aggressively over the asset in play.
Develop a sound divorce legal strategy that positions you for the outcome you want
We know that there’s a lot to consider during the divorce process. And each legal issue you confront has the potential to reshape the way in which you live your life. While that can be overwhelming to think about, take comfort knowing that you can implement strategies that allow you to take control of the process and your future. By doing so, you’ll hopefully secure favorable divorce resolution that builds a solid foundation upon which to build your post-divorce life.