If someone were to ask you how to value all of your possessions, what answer would you come up with? How do you figure out what your possessions are worth? Of course things like clothing or cars have specific monetary value, yet some items are more personal than others and have sentimental value. What I’m trying to get at here, is the fact that the value of your possessions can be very subjective. However in many legal situations, you may have to come to a specific number.

Listing something as “invaluable” is sort of a misnomer – invaluable doesn’t really exist in the eyes of the law. Everything can have some sort of value. For instance, every so often you will hear about someone exonerated from a crime due to DNA evidence after being imprisoned for 10 or 20 years. While that time is truly invaluable, often times the courts will assign a “per year” value on time lost in prison. This also happens to relate to your possessions. Family heirlooms are probably the best examples – these are passed down from generation to generation but typically are hard to value. If you have a note written from Napoleon (we’ll go to an extreme here) to your great-great-great…great-great-Grandmother, how can value it? It almost seems impossible – though someone has to assign it a monetary value. The court aims to be objective and tries to take emotions out during this process, but at the end of the day, the value is the amount of money it would take to make you whole in the event your “priceless” property was stolen or destroyed.

With all this being said, how much money would it take to make you whole if all of your personal property of sentimental value was stolen or destroyed?

Screen shot 2015-04-07 at 3.47.55 PM