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Split or Sell: What to Do With Luxury Items in DivorceGetting a divorce means accounting for every marital property of value and figuring out what you want to do with them. In a high-asset divorce, you may have numerous valuable properties to divide that you would classify as luxury items instead of necessities. They may be:

  • Recreational vehicles;
  • Collector’s items;
  • Fine art;
  • Club memberships; and
  • Vacation homes.

You must decide together who will keep each luxury item and whether you want to sell any of the items.

Valuation

Whether you divide your luxury items or sell them, you first need to know what you have and how much each item is worth. You should hire your own assessor to value the luxury items based on their condition and what someone would likely pay for them. Some collector’s items may require an assessor that specializes in evaluating that type of item. Do not assume that your spouse will tell you an accurate value because he or she has an incentive to understate the value a property that he or she wants to keep.

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Consider Long-Term Investments in Divorce SettlementYou are likely to take an immediate financial hit after going through a high asset divorce. You are required to equitably divide your marital properties with your former spouse, leaving you with roughly half of the marital assets you previously possessed. If you have a greater income, you may be responsible for child support and spousal maintenance. Even if you are a shrewd negotiator, a divorce court may not approve a settlement that clearly takes advantage of your former spouse. You need foresight when creating your divorce settlement to prepare for financial recovery and ultimate stability.

Choosing Properties

Most marital properties are measured by their current value when determining an equitable division. For some properties, it is important to consider their future values. Examples include:

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 b2ap3_thumbnail_high.jpgWe recently discussed how a divorce can impact your credit. That is only one aspect of your life that you need to think about when you are going through a divorce. If your divorce is a high-asset divorce, you have to think about how your future financial status is going to be affected by the divorce.

There are various points that we will consider when you are going through a divorce that involves businesses, investments, retirement accounts, and other holdings. Each of these assets presents a dilemma for your case. The dilemma is that you have to be able to determine the value of the asset, as well as its liability. The last thing you need is to end up with a bunch of assets that are actually more of a financial liability.

When we work to determine the value of the assets that must be divided, we look past the asset itself. We consider what it is worth, as well as what expenses might come with it. This can help us when it is time to divide marital property.

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Tagged in: High Asset Divorce

b2ap3_thumbnail_credit.jpg

Your divorce affects just about every aspect of your life. Your credit score can be one of those aspects. You might think that as long as you pay your share of the bills that your ex deciding not to pay his or her share won't affect your credit score. That, however, isn't how it works.

The contract that you have with creditors is one that isn't subject to civil judgments that the creditor wasn't a part of. That means that because your divorce was between you and your ex, the creditors don't have to abide by the terms of the divorce. The creditors can still come after you if your ex doesn't pay the bills.

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Tagged in: High Asset Divorce

b2ap3_thumbnail_focus.jpgA divorce easily brings out the worst in people in many cases. Emotions are running the gamut from anger to fear to helplessness. However, when you are divorcing, it can be easy to become a prisoner to those emotions and ignore important matters when it comes to your future.

When you keep emotions out of divorce and base your decisions on advice garnered from your attorney, financial planner and other professionals, you can get through your divorce and still have your financial future intact.

At Lucas Law we understand how difficult this time is. We also know that protecting your assets so that you can move on after your divorce is final is important, too. We work diligently to negotiate workable and acceptable settlements, and use alternative dispute resolution when possible to come to those settlements.

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Tagged in: High Asset Divorce
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