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Coins and Divorce Question
JapanJohn
Posts: 2,030 ✭
Best to keep coin collection or liquidate before a divorce?
I'm sure a few guys here have experience with what the best route is.
John
I'm sure a few guys here have experience with what the best route is.
John
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Should that fail, if you wish to keep your coins, HIDE them... not from the Court, from your soon-to-be ex-wife.
Get a Blue Book, appraise your coins, give her half and then go window shopping in Korea!
Edited to add: Has anyone seen TexasNationals?
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Well, I guess that DOES keep it coin related.
Hey, SaintGuru - what say you??
Never view my other linked pages. They aren't coin related.
<< <i>What coins?
Tempting but I've never gotten away with anything in my whole life. It's a certainty I'd get caught.
Never view my other linked pages. They aren't coin related.
<< <i>Not separated. Not yet but within the next couple months. Trying to be equitable and get her established and not just march her to the main gate. >>
Maybe one of the side gates?
<< <i>Best to keep coin collection or liquidate before a divorce?
I'm sure a few guys here have experience with what the best route is.
John >>
It totally depends upon your wife. Or ex-wife that is.
If this is an amicable separation, something comparable could be traded for the coins. My ex was fully supportive but I did make a point of defining that which was mine before we married vs that which was accumulated after the marriage. Of course, she initiated the action and I'm sure carried a certain portion of guilt but that's really neither here nor there.
You really need to be upfront with your ex regardless of how some folks might advise you to "hide" your assets since it can only snap back in your face as far as a judge is concerned.
The name is LEE!
Also what are the rules over there for items purchased prior to marriage.
<< <i>Keep your coins, ditch the bítch. >>
<< <i>I am not married, but I am curious to know what happens if you acquire your coin collection before getting married and then separate or divorce later? Does the collection still get divided, or is it still yours (or hers)? >>
This depends on where the divorce takes place. The law is different in different states and in this case countries.
<< <i>what coins? oh, you mean those rusty steel cents and a few state quarters? >>
This kind of action can end up in you paying more in legal fees than the collection is worth.
<< <i>
<< <i>I am not married, but I am curious to know what happens if you acquire your coin collection before getting married and then separate or divorce later? Does the collection still get divided, or is it still yours (or hers)? >>
This depends on where the divorce takes place. The law is different in different states and in this case countries. >>
That would depend if yours is a community property state. In Oklahoma (community property state) anything acquired after marriage is jointly owned. So my retirement from the federal gov't is mine since I had it prior to marriage.
<< <i>Not separated. Not yet but within the next couple months. Trying to be equitable and get her established and not just march her to the main gate. >>
John,
A bit of unsolicited advice:
1. Don't expect fairness in return for fairness. I, and many others, learned the hard way. Once the divorce starts, it's just business and dirty business is expected by the court and they won't punish her for it. Protect yourself from her underhanded dealings. If your wife is near menopause, expect insanity. Play hardball upfront and save yourself and her a lot of legal fees. Hire a closer. I piddled around for 2 years. then hired the meanest lawyer in town and was divorced in a month. Could have saved $500,000 in legal fees if I'd done that up front. And it would have been better for her too, although she would never admit it. Get in, get out, get on.
2. Until divorce papers are filed, you can do anything you want with your coins. liquidate them and spend the money. you can also take out whatever loans you want and so can she. I have a friend who was divorcing and thought she was being fair. Then she found out her husband accepted 3 of those $50,000 cash advance credit card deals they were passing out like candy just before the credit crash. He bought his new girlfriend a boob job and jewelry (gifts) and they went on a couple of very expensive vacations. The debt was 1/2 hers because it happened while they were still married.
Now I'll repeat 1 above: just because your wife has been sane and fair and honest in her previous life, don't expect her to keep it up.
--Jerry
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Proud recipient of Y.S. Award on 07/26/08.
<< <i>#1 - Best to attend counseling.
Should that fail, if you wish to keep your coins, HIDE them... not from the Court, from your soon-to-be ex-wife.
Get a Blue Book, appraise your coins, give her half and then go window shopping in Korea!
Edited to add: Has anyone seen TexasNationals?
Were you 2 married to each other or something?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>Allow a VERY good friend to steal them. Or go boating and the boat tips an fishing gear and coins fall in the depths. Or sell them and pay off all YOUR debts. >>
Paying off your debts is the last thing you want to do. those debts are half hers. --Jerry
<< <i>To answer the original question, it's best not to discuss such plans or ask advice for same on a public forum. >>
Just curious as to what has happened with others here. I know there are some deep deep pockets guys on here who have mentioned getting divorced and I'm still kind of waiting for the "OMG whatever you do don't do this because here's what happened to me" post.
Never view my other linked pages. They aren't coin related.
<< <i>
<< <i>Allow a VERY good friend to steal them. Or go boating and the boat tips an fishing gear and coins fall in the depths. Or sell them and pay off all YOUR debts. >>
Paying off your debts is the last thing you want to do. those debts are half hers. --Jerry >>
No debt to speak to speak of. One piddly credit card bill that could disappear today if I wanted it to.
John
Never view my other linked pages. They aren't coin related.
<< <i>It depends. Do you want to be fair and honest about it or to behave unethically? Many of the replies, thus far, seem much better suited for the latter. >>
Don't confuse preparing yourself for her unethical behavior with unethical behavior on your own. Two wrongs don't make a right but getting down to business instead of letting her treat you unethically is no different than we expect to be treated in the coin business. --jerry
In my eyes, it's far more important to be able to hold your head high throughout life. She deserves half of what you can easily get for it - no more, no less.
<< To answer the original question, it's best not to discuss such plans or ask advice for same on a public forum. >>
Boy, now I know what I like about this forum.
All kidding aside, I usually side with Coinguy1.
<< <i>Not separated. Not yet but within the next couple months. Trying to be equitable and get her established and not just march her to the main gate. >>
Sorry to hear, best wishes!
snman
<< <i>Not separated. Not yet but within the next couple months. Trying to be equitable and get her established and not just march her to the main gate. >>
Sorry man, that sucks! I think you should say your sorry and keep the coins.
You know the Colonel Ellsworth gave some advice at the last coin show. He told a guy at his booth, whenever you buy a coin and your wife later asks how much did you get that coin for, your answer is 40 bucks. They can relate with $40, a pair of shoes on sale at Nordstroms is $40. Otherwise you just get a blank look of confusion and then judgement. They just don't understand.
I know this probably can't really help you and I'm not saying to lie to your wife, but i just thought i would throw that in for a little perspective on the thinking of some women that may be in your life. It gave me a little laugh to hear him say this.
I have been through some of what your going through before. All i can say is do what you can to make her happy and keep your coins if you can. You really have to be fair with her no matter what you decide, It's the right thing to do.
Damage "control".
Please think of all involved.
Louis
<< <i>I sold my seated dollar set for twice what it would have been figured at before the divorce and told her everything just to be fair. And in return, she was fair to me even though her atty wanted to take me for everything I had.
In my eyes, it's far more important to be able to hold your head high throughout life. She deserves half of what you can easily get for it - no more, no less. >>
That depends on the state, the law, the length of the marriage, etc. For example, in CA, on my house, she was entitled to half of what we paid off in principle while we were married. Since we refinanced, took money out and bought her a BMW, she was not entitled to any of it. I still live in it. So coins you owned before the marriage may be treated differently. My coins that I owned 100% before the marriage were never even discussed.
--Jerry
Always
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Remember, every divorce begins with marriage. If you don't want to experience the trauma of a divorce, don't get married! (This is advice for the single guys... it's too late for you John.)
Keep your sense of humor, get over it and move on... do it now!
<< <i>replace all the nice stuff with crap.hide the nice stuff. >>
I can only imagine the outrage that you (and others who have suggested something similar) would feel and express if that were done to, instead of by, you.
Depending upon the laws of the state in question, and how/when the coins were acquired, the wife might have LEGAL rights to them and/or their proceeds. And that's in addition to the ethical considerations.