A divorce in which both individuals are over the age of 50 is often referred to as a “gray divorce.” While child custody issues may be less of a factor because the children are older teens or adults, these couples have often accumulated a substantial amount of property over the years. This might include various types of collectibles, which could have sentimental value, monetary value or both. Oklahoma is not a community property state, and if the division of property ends up in court, the court will make its determination based upon what it deems to be fair.
Types of collectibles
Examples of collectibles older couples may need to divide in a divorce can vary a great deal, from an extensive art collection to antiques, cars, jewelry, trading cards, comic books and much more. If both individuals’ interest in the collection is largely financial, it can be divided along those lines. The couple could sell the collection and divide the profits.
Complications
If the couple decide instead to split up the collection or that one will take it and the other will take an asset of similar value, they may need to have the collection appraised. This can also be complicated if each person hires an appraiser and the appraisers disagree on the value.
Sentimental value
As complex as dividing assets with a monetary value can be, the situation might be even more difficult when there is sentiment involved. In some cases, one person may clearly be more interested in the collection than the other person, but in others, both may be deeply attached to it.
When contemplating divorce, it is important to keep in mind that property division is not just about splitting up retirement accounts and the marital home. There could be collections of items lovingly accumulated over years that it will be necessary to divide.