In the domain of legal proceedings, the valuation of jewellery has a very crucial role to play, especially, if the legal proceedings are mainly on the cases of divorce and probate. Both are difficult cases as they take a toll on the mental health of the people involved in them, however, for a secured future full of certainty, it is mandatory to undergo the jewellery valuation process in both probate and divorce settlements. Ending your relationship with the person you had loved and spent time with, or losing your loved one to death, both the situations are unimaginable, as people invest a lot of emotions and sentiments in building these relationships. These emotional investments also involve giving and taking gifts from your loved ones which further involve monetary investment as well. Jewellery is one such investment which involves both monetary and emotional values, therefore, it includes meticulous valuation so that it leads to a fair and equal distribution of property and assets. Therefore, evaluating your jewellery from time to time to know its exact value as per the current market value is a must.
In this article we shall be looking at some of the importance of valuation of jewellery in probate and divorce settlements. As both the cases require legal process administering the property of two people deciding to go different paths by ending their marriage and the property of the deceased person respectively, therefore, it is necessary to evaluate the jewellery from the person who is expert in this field. You can either go to an independent valuer to know the exact value of the jewellery so that it is equally distributed, or you can seek for companies providing experts in evaluating your jewellery. Prestige Valuations, for instance, is one such company in the UK which provides you with experts having knowledge and experience in jewellery valuations, watch valuations, handbag valuations, jewellery repair and restoration process, artwork valuations and so on. Let us now have a look at some of the importance of valuation of jewellery in probate and divorce settlements.
Probate Jewellery Valuations
Probate jewellery valuation involves the legal procedure of administering and evaluating the jewellery of the deceased person to ensure that the debts are cleared and all the assets, including jewellery are distributed equally as per the will of the deceased person or as per the law. There are some crucial and important purposes which are taken care of in the probate cases. For instance, in the probate jewellery evaluation, a legal process is carried out in which the deceased jewellery pieces are valued to know its exact worth and then equally distributed among the beneficiaries as per the will of the deceased or as per the law if there is no will made by the deceased. If the value of the jewellery pieces owned by the deceased is more than a certain value set as per the law, then those jewellery pieces become subject to estate tax. If an accurate evaluation of the jewellery pieces is done, then it becomes easy to calculate the tax liability associated with the jewellery pieces and it also gives an assurance towards the compliance of tax laws. A proper evaluation of the jewellery pieces of the deceased also resolves the conflicts and disturbances among the beneficiaries regarding the equal distribution of the jewellery. It is because an expert is always impartial in evaluating the jewellery pieces and helps in resolving the conflicts among the beneficiaries by giving them objective assessments of the value of the jewellery. Therefore, experienced valuers who are expert in evaluating different pieces of jewellery, such as jewellery made up of precious metals and gemstones or antique jewellery and alike are chosen for this matter as they consider certain factors, such as authenticity, condition, age and craftsmanship of the jewellery important in determining its value.
Evaluation of Jewellery in Divorce Settlement
Jewellery in divorce settlement is also equally distributed between the two parties. In this matter, jewellery comes with both monetary and sentimental values, therefore, evaluation of the jewellery is important so that it is equally distributed between the spouses. Since jewellery comes under the category of marital assets, therefore, it is necessary to distribute them equally between the two parties during the divorce settlement. Transparency is important in a divorce settlement, hence, financial disclosure is a must and accurately evaluating your jewellery leads to the transparency in the disclosure of the asset and in this one cannot dare to hide the asset. This process leads to equal distribution of the jewellery. With accurate valuation of the jewellery followed by negotiation and mediation, reducing the conflicts between the spouses, thus, making the process of divorce settlement smooth.