What are Specialized Collections?
We all “collect” stuff along the way, but when we say “Specialized Collections”, we’re not referring to clothing, shoes, or other incidental purchases. Instead, think stamp collections, butterfly collections, coin collections, etc.
🤔 Understanding how Specialized Collections affect your divorce.
Items acquired during the marriage are usually treated as marital property. You and your spouse will need to make the identity of each asset clear. You will also need to determine the present value of your assets to help you determine how to divide the overall value of your marital estate between you. Assigning a monetary value to a butterfly collection may be difficult, but it’s important to ensure an equitable division of marital assets.
As you consider how to divide the collections acquired during the marriage, it’s best to take into account any sentimental value.
Sally began collecting state quarters shortly after marrying Jerry. So far, she’s found 38 states’ quarters and hopes to complete the collection someday. Jerry recognizes that even though the monetary value of her collection is only $9.50, the sentimental value is immeasurable. Since Jerry and Sally are striving for an amicable divorce, he agrees that Sally should keep the collection as part of the divorce settlement.