Divorcing Couples: Get an
Antiques Appraisal
Your Spouse's Antiques
Antiques Appreciate
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Divorcing
Couples: Get an Antiques Appraisal
When news of the divorce of Jennifer Aniston and Brad Pitt broke, antique enthusiasts chatted about her antique jewelry and his design history collection. Aniston, who
refused to give Pitt spousal support, has to split up the antiques collections, $5.7m yacht, $15.2m mansion, among other things.
In addition to a home, a significant amount of joint marital property is found in the value of items in your home (a.k.a., your personal property). Like the real estate appraisal, divorcing couples should get a
personal property appraisal because the value of the items in your home quickly add up to a significant piece of the marital pie. Appraising these objects determines current value for a fair division of property and it can help insure items from damage during an inevitable post-divorce move.
Your Spouse's
Antiques
Even if you don’t have the Pitts’ $190m fortune, you still want your fair share of the marital assets. How do you know what is your fair share? For example, for years you thought that the best part of your husband’s fishing hobby was the quiet time you enjoyed while he was wading in a stream with the trout. Unaware that his fishing lures can be pricey collectibles, you urge him to take his fishing equipment-- purchased at flea markets during your marriage--out of the garage. You discover that those smelly fishing lures sell between $55 to $500 each and a special Giant Haskell lure even sold for $101,000. This was fine when you were in love with the old man in the sea, but now he has authority over a collection that could pay for the lion’s share of your daughter’s college education! And you paid for half of it!
Or, you agree to let your wife keep the antique tea service because it will cramp your bachelor style. You learn that the antique is valued at $5,000 and quickly develop a renewed interest in oolong. You want your share of the pot--literally. Appraising personal property isn’t about reading tea leaves, it requires correct identification of antiques and current market analysis from an appraiser without a financial interest in your objects.
Antiques
Appreciate
Even the millionaire Friend, Jennifer Aniston,
should consider future dollars when facing divorce. Women traditionally earn less than men and many run out of money after a divorce. Some divorce experts advise that getting the appreciating antique armoire may be a better deal than getting the depreciating new car in the settlement. Also, most divorce lawyers can’t authenticate or appraise the Charles Rennie Mackintosh side chair that you bought on your second honeymoon in Glasgow. Yet, divorce attorneys work with expert appraisers to protect client’s assets. Appraisers with the
proper educational background provide true value of art, antiques, and collectibles.
If you are happily married or blissfully single, it is best to update personal property appraisals for insurance purposes every two years. Also, update appraisals when you have a child, when a relative passes away or when you move. If you want to receive a tax break from the IRS, a
certified written appraisal is required when you make a donation of an object to a charity.
Dr. Lori
Director
Masterpiece Technologies Inc.
