The forgotten assets when getting a divorce
When parties go through a divorce, they tend to look at the big ticket items for division as part of the estate; the home, retirement benefits, and if there is a business owned by one of the parties, the value of the business. There are other assets though to consider, which sometimes, gets glossed over by the parties. What are those assets that I am referring to? Collections, of course. You might be asking your self, like what type of collections?
Collections can take many forms; stamps, coins, watches, baseball cards, magazines, comic books, figurines, jewelry, musical instruments, guns and firearms, sports memorabilia among other personal property. Many times, an individual might be collecting such items over a long period of time and have spent thousands of dollars acquiring the collection. While they may be doing so more for personal pleasure as a hobby than the idea of collecting with the idea of selling, such assets are sometimes overlooked in the divorce case, or the other party may simply assume, there is not much value to the collection.
One would never know without going out and having the collection appraised. While it may be difficult in some cases to find the right person to do the appraiser, particularly if the collection is a bit off the beaten path, if one looks hard enough, one will be able to find an person who specializes in valuing the specific type of collection in question and it may surprise you, to find out that such a collection may be worth thousands of dollars. It is worth spending a few hundred dollars to pay the appraiser their fee to have the collection valued, if it means in the end, that you are walking away with either either half the collection, or half the cash equity in the collection. If it is personal enough to the other party, they may be willing to pay a hefty price to keep the collection intact and pay the other party their one half share of the value.
If you have questions about property division in the state of Wisconsin when going through a divorce, contact the experienced family lawyers at Karp & Iancu, S.C. today for a free consultation.