When to Consider Jewelry Appraisal During Divorce
Dividing marital assets can be a tough and often contentious process. However, it’s important for divorcing couples to understand the value of the assets they share. If you or your spouse own fine jewelry, it may be wise to have each piece appraised. Whether you choose to sell the jewelry and split the money or request a different asset in exchange, you need to know its value. When should you consider having your jewelry appraised?
Do you need a jewelry appraisal?
Getting your jewelry appraised is a good idea when its value is significant. Spouses aren’t required to get an appraisal, particularly if they agree on the jewelry’s value. Furthermore, if you already have an appraisal, such as for insurance purposes, you may be able to use that valuation for the divorce.
Keep in mind that if the jewelry was acquired before marriage, it’s likely considered separate property and would not be part of a divorce settlement. Your attorney can help you determine when jewelry is separate property and whether requesting an appraisal is prudent.
What does an appraiser do?
Jewelry appraisers examine each piece and determine its value in several different ways. They consider a range of factors, including the age, design, consumer trends, designer, materials and more, then determine the value.
Fair market value is what the jewelry would be worth if you were to sell it in the current market. Replacement value is what it would cost to reproduce the item using new materials. Finally, liquidation value is what the piece would fetch if the owner needed to sell it quickly.
The experienced divorce attorneys at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia, LLP can help you determine whether you should have your fine jewelry appraised and advocate for a fair division of assets. Call today to get started.