What happens to luxury items in a high-asset divorce?
High-asset divorces often involve valuable possessions like jewelry collections, yachts, and other luxury items. In Ohio, these items are considered marital property if acquired during the marriage.
Dividing them can become a complicated process, requiring careful consideration of state laws and equitable distribution.
Determining marital versus separate property
Ohio follows equitable distribution laws, which means marital property gets divided fairly but not always equally. Luxury items, such as yachts or high-end jewelry, are marital property if purchased during the marriage. However, if one spouse owned the item before the marriage or received it as a gift or inheritance, it may be considered separate property.
Accurate valuation of luxury assets
You must determine the value of the items before dividing luxury assets. Appraisers or other experts typically evaluate items like yachts, fine art, or jewelry collections. Their findings ensure the court has an accurate understanding of the asset’s worth. Valuations play a key role in the division process, as higher-value items may offset other assets like real estate or investments.
Options for dividing luxury items
Once a valuation is complete, couples have several options for dividing luxury assets:
- Sell the asset and split the proceeds
- Allow one spouse to keep the item and compensate the other with assets of equal value
- Agree on shared ownership, though this is less common for high-asset items
The court may decide the division if couples cannot agree. Judges often consider factors like contributions to the marriage, income, and individual needs when determining how to distribute assets.
Moving forward with financial clarity
Handling luxury items during divorce requires careful valuation and a clear understanding of the law. Dividing high-value assets like yachts or jewelry collections can be challenging, but focusing on fair outcomes ensures both parties can move forward with financial stability.
