How is the Value of Luxury Assets Determined in a New York Divorce?
In order for a divorce to be final, spouses must divide their assets between the two of them. In some marriages, spouses acquire certain valuable properties that can sometimes be seen as luxury assets. This can include collector’s items, vacation homes, fine art, recreational vehicles, club memberships, and more. In these situations, it is important to determine the value of these assets before they are split up in a divorce. Continue reading below to learn more and contact an experienced New York divorce attorney for assistance.
How are Assets Valued?
To determine the worth of an asset before it is divided or even sold in a divorce, iit is best to hire an assessor. They can value the assets based on two factors: the condition the asset is in and what would likely be paid for it. An assessor who specializes in valuing a certain asset may be needed in some situations. When facing these situations, it is important to not assume your spouse will provide an accurate value for an asset. This is because they may have an ulterior motive to keep it, which is why it is best to hire an assessor.
How are Assets Split?
There are a variety of ways that luxury assets can be split between spouses. Sometimes, it does not always have to be black and white. For example, couples that own vacation homes together can both keep ownership and split the time they have there so that neither spouse has to give it up. In other cases, a spouse may need to give up certain assets so they can keep others. If one spouse keeps a high value item, they have to compensate the other spouse with assets that add up to a similar value. It is important to remember the concept of equitable distribution during this time, as it is used to determine what is considered a fair division.
What if Assets are Sold?
Sometimes, it can be easier in a case for a luxury item to be sold. That way the money can be split between both spouses. This may be beneficial in the following situations:
- 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
The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.