How to Split Your Valuables in a Divorce
Divorce can be emotional and at times a complicated process, often involving heated debates over who gets what. When it comes to splitting up your valuables, it’s important to approach the process with a level head so that you don’t end up causing any unnecessary stress or unfortunate outcomes. In this blog post, we’ll walk through the rules and procedures of how to split possessions during a divorce in order to make sure everything goes smoothly. So whether you are in the midst of a separation or simply looking for advice on this difficult topic, read on as we provide all the information you need regarding dividing valuable collections while divorcing.
Jewelry Valuables
When it comes to valuables such as jewelry, couples who are getting a divorce may come to a standstill as they try to determine how it should be split. This can be an especially difficult process for wedding jewelry–they have significant financial value or significant sentimental value, or both! It’s best to stay away from negotiating over jewelry like your engagement ring or family heirlooms during the divorce proceedings and instead seek help from a professional who can assess the situation objectively. If necessary, each party may even want to seek advice from their own lawyer in order to ensure that any results are fair and just. Splitting jewelry is never easy, but with the right resources and professionals in place, it can certainly be handled fairly and more easily than disputes over other items.
Art collection
Splitting a valuables such as an art collection during a divorce can be a difficult task. The best way to start is by making an inventory of all the pieces in the collection including acquisition date, cost, current market value, and provenance. This allows both parties to assess the financial aspect of each piece as well as its sentimental value. After approximately determining what belongs to who, hopefully, you and your former partner can come to an amicable agreement about how to split things up. To ensure that it’s a fair deal for all involved, it’s helpful to consult with legal representation or a professional art consultant for assistance. In the end, you can remain civil and preserve your favorite prints, sculptures, and other artworks without letting them take center stage in your contentious separation.
Jets, yachts, and other luxury possessions
Splitting luxury valuables like jets and yachts in a divorce can be tricky, especially since they require a lot of paperwork. It is important to assess which party should own the assets or if they will be sold. It is also important to note that some assets may need to be split in order to equalize the property being divided. Both parties should consult an attorney about their legal rights when it comes to luxury assets so that each individual knows what their options are. This ensures that both parties are getting a fair share of financial responsibility and assets after the dissolution of the marriage.
Personal gift Valuables
Dividing gifts during divorce is often confusing. Firstly, determine if the gift was given to one person exclusively and mark that item off from consideration for a split. Then partition the rest of your mutual valuables and discuss if both parties want to take custody of any items, offering cash compensation for anything taken by another party. Even for pieces shared in the marriage, decide on how to keep them equitably divided between the two of you, whether through direct splitting or offsetting values against other assets in your marital estate. It can be an uncomfortable conversation to have but ultimately, a fair division of gifts is just as important as splitting other assets during divorce.
Items in the family home
Deciding who gets which household items during divorce can be a painful process. Choosing who will keep which item that was shared can feel especially difficult when the memories associated with that item are tough. It helps to remember that these values are personal, so each party can put whatever dollar amount they want on a certain item — if it has more sentimental than monetary value to one party, but less for the other, then it’s only fair that the one who wants it more gets priority. If both parties want something, try to draw straws or go with what makes the most sense in terms of ease and convenience for both parties. Keeping things amicable as best you can is key — your goal should be to take what you need while considering your ex-partner’s needs at heart, too.
Splitting up valuables in a divorce can be a daunting and disheartening process, but it is also necessary to move forward into the future. Depending on you, your partner, and the situation at hand, you may want to consider taking the low-conflict route of just splitting everything down the middle. An alternative would be to try and negotiate a fair settlement that works for both parties–but that adds complexity to an already fraught process. No matter which routes you choose, know that navigating these muddy waters is possible with patience and resilience, so don’t give up! Reaching agreements and learning from those decisions will help ensure mutual satisfaction with outcomes—whatever they might be. Most of all, take some time for yourself; no matter what situation you are in, your own mental and emotional well-being should remain at the heart of all choices you make during this trying process.
