What Happens With Designer Clothes When a Couple Gets a Divorce?
Divorce is always a complicated process, as it involves hashing out a wide range of issues, including those involving property division. The issue of property division is often even more complex when couples have certain high-cost assets, such as designer clothes or sports memorabilia. For this reason, if you have high-value assets and are about to get divorced, it’s paramount that you have the right attorney in your corner. Please continue reading and reach out to a knowledgeable Rockland County divorce attorney from Jameson Family Law to learn more about what happens with designer clothes in a divorce and how our legal team can help you protect what matters most to you. Here are some of the questions you may have:
How do I know if I will lose my designer clothes during a divorce?
The first thing to understand is that in a contested divorce, the court will have to determine what property is marital property and what property is separate property. Marital property includes assets acquired during the course of a marriage by either spouse, while separate property includes assets acquired either before or outside of a marriage. When it comes to designer clothes, though they may be your personal belongings, if it can be proven that marital funds were spent on those assets, courts may order the assets or their value to be distributed equitably between spouses. The thing about high-value assets, however, is that since they are often collectible and will increase in value over the years, it’s often essential to hire third-party experts to appraise the items and set a value to them before distributing them between the spouses. For this reason, if you’re looking to protect your prized possessions, it’s always best to retain the services of a competent attorney who can help you fight for what’s yours.
Is there anything I can do to protect my personal property from a divorce in New York State?
The two main options you have for protecting your designer clothes and other high-value assets are drafting either a prenuptial or postnuptial agreement with your future spouse/spouse. Prenuptial agreements are drafted prior to marriage and can outline exactly what will happen with certain assets, should a couple ever get divorced. Postnuptial agreements are drafted after marriage but serve the same basic function. If you have any other questions or would like to speak with a knowledgeable Rockland County prenuptial agreements attorney, simply contact our firm today.
Contact Our Rockland County Family Law Firm
If you are faced with a family law matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.