In marriage, it’s typically for couples to accumulate assets of significant value. When couples divorce in New Jersey, marital assets may be split up in whatever way that spouses choose, if they opt to reach a collaborative solution to their property division concerns. In the event of a contentious dispute, a judge will insist that marital assets be divided equitably (fairly).
What is considered “fair” in a divorce is a complex matter, especially if a couple owns significant assets and/or has incurred significant debts. The more property owned in a marriage and the higher the value of the said property, then the harder it may be to distribute the value of an overall marital state during divorce.
To ensure that the distribution of assets is fair in a divorce, spouses should strongly consider submitting separate valuations of significant marital assets. One of the problems that people face when valuing assets is that some things can’t be easily priced, such as artwork and jewelry, which may change in value over time.
How is the value of art and jewelry determined?
Art, jewelry, collectibles and antiques don’t have an inherent value. Instead, there are several factors that determine the value of these assets.
For example, the condition of an object can drastically change its value. Something that’s in mint condition or is still in its box would fetch a higher value than something that’s rotted, decayed, broken, chipped or weathered. However, the rarity of the object or the limited production of the object may overshadow its condition. Because valuable artwork and jewelry are often made by famous artists, depending on the brand, signature or documentation included, the value can change over time.
To accurately determine the price of art or jewelry, it’s recommended that divorcing spouses get their assets professionally appraised. Once martial assets have been accurately assessed, it is important to carefully scrutinize what kind of property division solution would be most appropriate under the circumstances. Being thoughtful now can help to ensure that each spouse’s interests remain protected during divorce.
