Are you worried that your bank accounts may be depleted or frozen? Are you concerned how you are going to take care of your family? I’m here to help you find ready cash in your home. Your attorney will help you figure out who legally owns the jewelry that has been gifted to you or you have worked hard to get. I am here to make certain you know what it is worth and its value to you during this divorce.
First, forget about the retail price paid or your insurance figures. Those numbers were valid when it was first bought, and never will be seen again. The value for you to focus on is FAIR MARKET VALUE – technically speaking, willing buyer and willing seller. Practically, this means your jewelry is worth a fraction of what was paid for it. So if the jewelry is being apportioned as part of your share, make certain you get a Fair Market Value appraisal for the jewels, do not take the insurance value or retail price as the value. I compare this to a car, would a 5 year old car with 75,000 miles on it be worth the same as a brand new car?
The good news is your jewelry can provide much needed funds now. Let’s figure out where to look first. Your jewelry box or safety deposit box has unworn jewelry. This is a great place to start. You won’t miss what you never wear.
Next, look at your inheritance from your mother and grandmother. Your mother would be the first to say, sell it to provide for yourself and your children. If you have daughters, you want to keep something to pass on. I help you find a sentimental piece that will be worn and enjoyed. Now you don’t have to feel guilty selling these things.
Let’s not forget the silver flatware, serving pieces, candlesticks and other wedding gifts. Silver is higher than it’s been in decades. And you won’t miss polishing it.
Coins are a big collecting category for men. Make certain that’s valued properly on his side of the equation. Wrist watches are the other collectible for men. Typically they own several.
REMEMBER you can always create new traditions, buy new things to pass down.
And as far as other collectibles in your home – whether it is artwork, paintings, prints, sculpture, photographs, or franklin mint collectibles, do not take retail price paid as the value of these items. Always consult with someone like me to find if there is a resale market, where these things are traded and what is the FAIR MARKET VALUE of these items. Too often, I speak with needy women who want to sell the art, only to find out that there isn’t an established resale market. Most modern artists don’t have a resale value, and are only sold in the galleries that represent them at the retail level. And typically those galleries do not buy back the pieces.