Over the course of your marriage, you and your spouse could acquire valuable assets, such as art and antiques. You have to divide these collections during the divorce proceedings.
Dividing valuables can be a complicated process. The Colorado Legislature says that you have to follow the state’s property division guidelines. The court considers which assets are marital and nonmarital. You and your spouse typically keep the valuables that you each possessed before the marriage and distribute the ones you acquired together.
How does a court divide marital assets?
A court considers several factors before deciding who will keep each asset. Colorado uses an equitable distribution method. You and your spouse may not receive an equal share of your antiques and artwork. Instead, the court generally evaluates your situation and divvies the assets in a fair manner.
Officials consider your financial contribution to the marriage and your economic circumstances. If you have access to more financial resources, you could have a greater ability to expand your collection than your former spouse. The court could award pieces to each of you accordingly. One of you may receive more valuables, for example, but the total value of each portion would be the same.
How do you establish value?
Before you decide who will keep certain pieces, you need to know the value of your collection. You could work with an appraiser before dividing these assets. This professional evaluates each piece in your collection to determine its worth. Appraisers typically consider the age and condition of each item, as well as the current selling price for similar objects. The court can use the appraiser’s report to understand what an equitable distribution of your valuables could look like.
You may want to work with an appraiser who specializes in the objects in your collection. This ensures that you will receive an accurate appraisal.