As the years pass during a marriage, couples here in Virginia and elsewhere will often purchase items for their homes. Like many people, they may not spend much time considering the value of their household goods during their daily lives. However, when it comes to dividing household goods in a divorce, their value may be of consequence.
The parties may realize they need to assign values to items such as jewelry, furs and artwork, but may not consider other items in their homes that could have significant value. For instance, rugs, furniture and clocks and other such items could have the type of value that requires some consideration during the divorce in order to reach an equitable settlement. When these items are added to others such as china, musical instruments, collectibles and more, an appraisal may be worthwhile.
Obtaining an appraisal of a home may seem obvious in a divorce, but having the goods inside the home appraised as well may seem as obvious. However, in a high-asset divorce, the odds are that many household goods will also have appreciable value. An appraisal can help when the parties begin dividing their property in a divorce.
Virginia couples facing a high-asset divorce may want to consider obtaining an appraisal of their household goods prior to beginning the marital property division portion of their proceedings. Doing so can help the spouses divide these assets. The parties could sell them and split the proceeds, one party could buyout the other’s interest in certain assets or they could exchange assets of relatively equal value. Regardless of what the parties decide, having an appraisal of personal property can certainly help the parties make an informed decision that could affect their financial futures.
