The Household Inventory: An Important Step in a High-Net-Worth Atlanta Divorce

When ordinary spouses divorce, they may not spend much time thinking about household items. After all, the average couple does not spend considerable amounts of money on things like furniture, art, and jewelry. However, household items can be surprisingly lucrative in high-net-worth divorces, and an inventory may be necessary before property division. Speak with a high-net-worth divorce lawyer in Atlanta to learn more.

Why Is a Household Inventory Important Before a High-Net-Worth Divorce?

Over the course of a typical high-net-worth marriage, couples may accumulate all kinds of high-value items. Some spouses may be completely unaware of how valuable these items have become, while others may be fully cognizant of how lucrative their collections are. High-net-worth individuals tend to purchase items that appreciate in value, such as fine art, antiques, collectibles, and precious metals. If the marriage has lasted for many decades, these items may have appreciated at a faster rate than the S&P 500.

If you’re not careful, these items could mysteriously “go missing” before your divorce becomes final. Your ex might be well aware of how valuable some of these items are, and they may hide or sell them before you have a chance to document their existence. A household inventory serves as proof that the items existed in the first place, and it may allow you to prove asset concealment at a later date.

What Does a Household Inventory Entail?

You can carry out a household inventory with a few simple steps. Go through each room and meticulously document anything that you think might be valuable. This might include jewelry, baseball cards, fine art, antiques, paper bonds, vintage clothing, and much more. Don’t overlook things that seem like “junk” at first glance. Something as simple as an outdated toy or video game could be worth hundreds of thousands of dollars. You can document these items by photographing them and writing down their estimated value.

What if Items Are Starting to Go Missing?

If you have already noticed certain high-value items going missing, you should notify your divorce attorney immediately. Your attorney may be able to have your high-value items held in trust until your divorce becomes pending. In the same way that you can “freeze” a joint bank account to prevent unsanctioned transfers, you can prevent your ex from moving or selling high-value physical items.

Your ex may face serious consequences for selling items before the divorce becomes final. Until the court can determine who these items really belong to, the assumption is that they are shared or “marital property.” If your ex engages in this financial misconduct, they could face financial penalties.

Can a High-Net-Worth Divorce Lawyer Help Me?

A high-net-worth divorce lawyer in Atlanta may be able to help if you’re serious about achieving positive outcomes. If you know that your home is filled with high-value assets, an inventory could help prevent issues like asset concealment. Speak with Buckhead Family Law to learn more about the next potential steps.

Sources: 

cbsnews.com/boston/news/pokemon-card-value-investment/

si.com/collectibles/baseball-cards-that-have-outperformed-the-s-p-500-since-2020