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I am separating from my husband and we are trying to work together to come up with a separation agreement. We are having a disagreement as to how to determine the value of the jewellery each of us own. Most of it was given as gifts to each other.
Should the value of the jewellery be based on the purchased cost or appraised based on resale value? I read if you were to sell your jewellery, you would likely only get a third of what you paid for it. Could I sell my jewellery on consignment and use the value I get for it? Does the jewellery even need to be factored into the each of our asset values?
Thank you for your assistance in this matter.
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- Joined: Sun Jun 03, 2012 7:46 am
It must be valued. Its value, for family law purposes, is the amount that it would sell for on the date of separation. Usually it is valued by an appraiser. If you do not wish to go through this process, you can agree to trade off items of equal value to one another.
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