It is not uncommon for people to focus on high-value assets such as real estate or businesses in a divorce. However, assets of sentimental value often hold the most emotional weight. These items are more than just property. They are a tangible connection to shared memories, emotions, and stories.
The fear of losing treasured assets can add another layer of stress to an already overwhelming situation. But you don’t have to face this process alone.
At Halligan LLC, our seasoned family law attorneys have helped thousands of clients in Colorado go through the complexities of dividing assets in a divorce. We understand how difficult it can be to divide assets with sentimental value, and we’re here to advocate for your interests and ensure your rights are protected every step of the way. If you need help with a divorce in Colorado, contact us today for a free consultation.
Division of Property in a Divorce
Property division can be one of the most sensitive aspects of a divorce. Colorado follows the principle of equitable division, which means that assets are divided fairly but not necessarily equally. Identifying marital and separate property is the first step to categorizing assets.
- Marital property includes assets acquired by either spouse during the marriage, such as vehicles, bank accounts, real estate, and even cherished items like artwork or antique furniture.
- Separate property refers to assets owned by one spouse before the marriage or received as an inheritance or gift to only one party during the marriage. However, the increase in value of separate property accumulated during a marriage is also considered marital property.
Common Assets of Sentimental Value in Marital Property
Splitting assets of emotional value is a challenging task. The process can feel like a tug-of-war, where every cherished item becomes more than just financial value. Below are common assets of sentimental value that often come into play during a divorce.
Artwork
Artwork can be controversial in any divorce when one or both spouses have an emotional attachment to specific pieces. Whether it is artwork purchased during a vacation, gifted by a loved one, or an original piece created by a family member, artwork often holds deep sentimental value.
Jewelry
Engagement rings, wedding jewelry, pieces passed down through generations, or jewelry bought together can be complex in divorces due to their emotional significance and possible financial value.
Antique Furniture
Antique furniture often represents shared history and cherished memories. These items can be challenging to divide due to their sentimental value and potential worth.
Family Heirlooms
Family heirlooms can be particularly challenging to divide in a divorce due to their traditional significance and emotional ties. These might include old family items, heirloom jewelry, coin collections, war paraphernalia, furniture passed down for generations, etc.
Real Estate
Properties typically hold a special place for divorcing couples. Deciding who gets to keep the family home can be a complex process. Rental properties or vacation homes may also carry sentimental value and present unique complexities during the division of assets process.
Car Collections
For many couples, car collections aren’t just assets. They’re a passion or hobby that develops as the years pass. Whether car collections comprise vintage classics or sports cars, these vehicles often hold significant sentimental value. The process of acquiring each car in a collection can be a story in itself, making the division of car collections during a divorce a matter that goes beyond the financial value of each asset.
Items of Little or No Financial Value
There are items that, while they may not hold significant financial value, are rich in sentiment and emotional significance. These items may seem inconsequential in the grand scheme of the asset division process, but they can be the most contentious due to emotional attachments.
These items could be anything from a treasured book collection to the family’s favorite board games. They may not have a high monetary value, but their worth is immeasurable.
Three Ways Marital Assets of Sentimental Value Can Be Divided
The division of marital assets that hold sentimental value can be an emotionally charged process. Below are three ways marital assets of sentimental value can be divided during a divorce.
Negotiation
Negotiation is often the first step in dividing marital assets. It involves both parties working with their respective attorneys to reach an agreement on how to divide assets. Negotiation requires open communication and compromise in finding solutions that meet both parties’ needs.
Mediation
Mediation can be a helpful next step if a negotiation doesn’t result in an agreement. It involves a neutral third party facilitating discussions about asset division between the divorcing couple. A mediator can help both parties see things from different perspectives, potentially leading to solutions that wouldn’t have been considered otherwise.
In-Court Intervention
If mediation fails to resolve the division of assets, the court may have to intervene. This involves giving control over personal decisions to a judge. In-court intervention can be unpredictable, as decisions are based on legal principles rather than emotional attachments, so resolving these issues via negotiation or mediation is typically preferred if possible.
Ways to Protect Property of Sentimental Value
While it’s not always possible to predict the future, there are proactive steps couples can take early on to safeguard treasured assets.
Have Assets Listed in a Prenuptial Agreement
A prenuptial agreement outlines how assets and debts should be divided in a divorce. This agreement can be an effective tool for protecting assets of sentimental value.
If you have specific items that hold deep emotional significance, these can be listed in your prenuptial agreement. By clearly defining these items as your separate property, you can ensure they remain with you should your marriage end in divorce.
Prove That Assets Are Separate Property
In Colorado, property acquired before marriage or received as a gift or inheritance to them individually after a couple has married is typically considered separate property. This means it belongs to the spouse who owns it and is not subject to division during a divorce.
It’s important to note that any increase in the value of separate property assets during the marriage is typically regarded as marital property. Therefore, if assets of emotional significance appreciate in value over the period of the marriage, this appreciation must be accounted for in the distribution of assets upon divorce.
Contact Halligan LLC for a Free Consultation
Halligan LLC’s attorneys work tirelessly to ensure your interests are protected every step of the way. We have handled numerous divorce cases with complex divisions of property, and we understand the importance of negotiation to ensure our clients achieve the best possible outcome for their cases. Contact us for a free consultation.
