Blog
Barrington personal injury attorney, Barrington divorce lawyer

847-381-8700

Personalized Legal Services in
Barrington and Schaumburg, Illinois

Search
Facebook Twitter YouTube LinkedIn
Divorce &
Family Law
Personal
Injury
Business
Law
Real Estate
Law
Wills, Trusts
& Probate
General Civil
Litigation
Elder
Law

Split or Sell: What to Do With Luxury Items in Divorce

Posted on in High Asset Divorce

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.

Splitting the Items

Dividing luxury items in a divorce can be a contentious and complicated process. While some items hold more sentimental value to one of you, you may fight for possession of other properties. You can find creative ways to share ownership of some items, such as splitting the time you have at a vacation home. However, you will need to give up some properties in order to keep other properties. You also must consider what will be an equitable division of properties. Having sole ownership of a vacation home means you need to compensate your spouse with properties of similar value.

Selling the Items

It is easier to divide a luxury item when you turn it into money. There are several reasons that you may want to sell some of your marital properties:

  • It may be too costly or impractical to keep some items as a single adult;
  • The item’s sentimental value may be tied to your marriage; or
  • You may need the money to pay for your divorce or marital debts.

You should carefully decide whether you want to sell an item because there is no guarantee that you will receive the money that you expect. When and where you choose to sell the item can help you get maximum value in return.

Contact a Barrington Divorce Lawyer

How you divide your marital properties will help determine whether you consider your divorce successful. A Barrington, Illinois, divorce attorney at Joseph M. Lucas & Associates, LLC, can guide you through your divorce negotiations. To schedule a consultation, call 847-381-8700.

Source:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/#46c93b371195

Avvo Profile Lake County Bar Association Illinois State Bar Association Northwest Suburban Bar Association
Back to Top