When you are going through a divorce, understanding how property will be distributed is essential. There are many considerations to keep in mind when dividing your belongings, such as what is personal, marital, or separate property. If you have many high-value assets, ensuring you know the worth of your spouse’s high-end personal items is vital. Unfortunately, there are many nuances when dividing luxury assets during a high net-worth divorce. This can make it challenging to receive the items and wealth you are entitled to. Keep reading to learn more about this process and how a Los Angeles division of assets attorney can help you navigate this process.
What Happens to Luxury Items in Divorce?
It’s important to understand that California is a community property state. This means any item considered community property is subject to a 50/50 split. However, there are many differences between personal, separate, and marital belongings.
Generally, marital property is anything purchased during your marriage, which includes gifts exchanged between spouses. Personal property is often confused with separate, as personal property includes personal effects and all other items. Separate property is anything not considered marital property, typically obtained before the marriage.
The distribution of luxury items depends on their property status. For example, your engagement ring is considered your property as it was gifted to you before marriage. However, if you purchased a $10,000 purse but used funds from a joint account, it will likely be deemed marital property.
How Can I Make Sure Assets Are Distributed Evenly?
Generally, you’ll want to take inventory of all items before you divide the property, especially if they were purchased with a joint credit card. In some instances, spouses will divvy up their belongings without fully understanding the value of the items. Through this approach, you may lose out on funds you are entitled to. For example, if your spouse collects expensive watches, you may give over the collection without understanding the worth of the items.
Instead, researching the resale value of items can help you get a better idea of their worth before deciding which items you want to relinquish.
Should I Enlist the Assistance of an Attorney?
This process can be extremely overwhelming for many, as figuring out the value of several luxury items can be a tedious and challenging process. Not only can it be hard to determine whether or not an item increased or decreased in value, but you may end up missing an essential item that can cost you to lose thousands of dollars.
When you need help navigating this process, the Zitser Family Law Group is ready to help. We understand how complicated a divorce can be, and trying to determine the value of luxury assets can add additional stress. Our seasoned attorneys are well-versed in high net-worth divorces and can help you define the value of your property. Contact us today to learn more about how we can help.