The process of divorce is never easy. One of the most notable parts is the division of assets between both spouses. This can prove to be difficult in any case, especially when the couple has a variety of valuable properties, such as luxury assets. This can include collector’s items, fine art, vacation homes, recreational vehicles, club memberships, and more. Continue reading below to learn more and retain the services of an experienced New Jersey divorce attorney for assistance.
How are Assets Valued?
It is important to know the worth of assets before dividing them or selling them in a divorce. This can be accomplished with an assessor who determines the value based on two things: the condition of the assets and what would likely be paid for them. In some cases, an assessor who specializes in valuing certain assets may be needed. Do not assume a spouse will provide an accurate value of an asset they own, as they may choose to understate the value so they can keep it.
How are Assets Split?
There are many different ways that luxury assets can be divided in a divorce. Sometimes, couples can get creative with how they do so. For example, couples who own a vacation home together can split ownership of the home and the time they spend there. In some cases, spouses may need to give up certain assets in order to keep another that they want. If a spouse keeps a high value item, they will have to compensate the other spouse with assets that equate to similar value. Be sure to keep equitable distribution in mind during this time, as it is the process that is used to divide assets based on what is fair, not what is equal.
What if Assets are Sold?
It is sometimes easier to divide a luxury item by selling it and splitting the money. This may be better for a few reasons:
- It may be too costly or impractical to keep certain assets as a single adult
- The asset’s sentimental value may be tied to the marriage
- Spouses may need the money to pay for their divorce or certain marital debts
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.