As part of a divorcing couple with considerable assets, you’ll find that some are relatively straightforward to divide while others are more complicated. They may require an appraisal – sometimes with each spouse bringing in their own appraiser.
On top of that, assets with considerable monetary worth can have considerable sentimental value. A wine collection is a perfect example
If you and your spouse have shared a love of fine wine, and your wine cellar holds bottles you’ve purchased on vacations abroad as well as North Fork wineries closer to home, it may be difficult to have to give up any of them. Determining how to divide your wine collection will likely take some time and professional guidance.
Determining the financial value can be tricky
Maybe your spouse was the one who cared about wine collecting, and you have no interest in keeping more than a few bottles. However, if that wine was purchased with marital assets, you have the right to part of its value. That means you need to know what it’s worth so that you can seek other assets of equal value instead.
There are plenty of places in the area where you can get a professional’s valuation. Auction houses, vintage wine retailers and other experts will value your collection for you. Unless you only have a small collection, don’t rely on online valuations or auction platforms.
Should you keep or sell the collection?
If you want to divide a sizable collection between the two of you, make sure you’ll have the space for it and that it can be maintained in the right conditions. Having a detailed inventory will help you if you divide it.
You may simply decide, for any number of reasons, that you’d both rather have the money. Again, you’ll want to turn to wine professionals you can trust to get you what it’s worth. Regardless of what you decide to do with your wine collection, don’t underestimate its financial value and don’t take less than you deserve if you contributed to building and maintaining that collection.