Although North Carolina’s population is relatively small compared to other states, its percentage of gun owners is relatively high. For example, North Carolina has a higher gun ownership percentage compared to Texas. Many families have amassed considerable firearms collections over the years, and these firearms can be worth considerable sums. During a North Carolina divorce, spouses should not overlook potentially lucrative assets – no matter their nature. Even if you do not agree with firearm ownership, you can still access the collection’s underlying value.
Guns Have Solid Resale ValuesUnlike many other assets, the resale values of various firearms remain quite high – even after many decades. In fact, the value of a firearm might actually increase with time, especially with certain changes in the market. For example, a firearm might become discontinued – making it exceptionally rare. Other firearms might become prohibited for further sale, making the few remaining firearms in circulation highly valuable.
Antique firearms are often especially valuable. These might be family heirlooms handed down across the generations. A quick glance at guns for sale online highlights their potential value. For example, antique Winchester firearms from the “Wild West” era can be worth well over $100,000. Some North Carolina families may also possess relics from the Second World War, including Thompson submachine guns. These can also be worth over $100,000, especially if they have a specific story or history attached to them. For example, a firearm might have been used to storm the beaches of Normandy on D-Day.
That being said, even modern collections can be worth many thousands of dollars. According to various statistics, the average gun owner in the United States owns approximately eight firearms. Assuming each firearm has a relatively minimal value of $500, this could equate to approximately $4,000 per collection. Note that a single, new firearm model can cost thousands of dollars.
Inherited Firearms Are Separate PropertyFirst, it is important to note that if you inherited a firearm from someone, it remains yours after the marriage. This is true whether or not you acquired the firearm during the marriage. Normally, assets acquired during the marriage are “marital property,” and they are subject to equitable distribution between both spouses. This logic also applies to gifts you might have received from friends or family.
Inherited firearms are more likely lucrative due to their age, and their separate status could prove crucial. For example, a grandchild might inherit a Winchester rifle from the 1800s worth over $100,000. If you have received an asset like this via inheritance, you should clearly identify it as separate property during divorce.
The Importance of AppraisalsIf you are not very knowledgeable about firearms, you should consider getting the firearms appraised by an expert during the equitable distribution process. Even if a firearm seems old and worthless, it might be much more valuable than you realize. Your ex might purposely dismiss its value, perhaps referring to it as “broken” in an attempt to conceal its value. Even non-functional firearms could be worth considerable sums to the right investors. A proper appraisal is the only way to discover the truth.
What if I Do Not Even Want the Guns?If you are someone who does not like guns, you have several options during divorce. First, you could allow your ex to keep the firearm collection and request 50% of its cash value in return. This allows you to access the value of the collection without actually taking the firearms into your possession.
Another option is to take half of the firearms and sell them immediately. You may not need to obtain a license to own the firearms as long as you intend to sell them within a short time frame. You can work out the details of these transfers and sales during the divorce mediation process.
Finally, you can trade another asset for the firearm collection. For example, you might agree to let your spouse keep their collection in return for another asset worth 50% of its value. If the collection is worth $100,000, you might receive a family vehicle worth $50,000 in return. You can discuss these various options alongside your family law attorney in North Carolina.
Find an Experienced Equitable Distribution Lawyer in North CarolinaIf you have been searching for an experienced equitable distribution lawyer in North Carolina, look no further than Arnold & Smith, PLLC. Over the years, we have helped numerous spouses handle challenging issues regarding complex assets. These include collectibles, antiques, and anything else that might have hidden value. We can help you fight for your fair share – even if you are not sure about the value of complex assets. Reach out today to discuss an action plan in more detail.