Divorce is never easy, especially when luxury items like yachts, jewelry or expensive artwork are involved. It is important to understand how the law applies and what factors come into play. Here are three key factors to consider when determining who gets the luxury items in a high-asset divorce.
Marital vs. separate property
First determine whether the luxury item is marital or separate property. In Oklahoma, marital property includes assets obtained during the marriage, whereas separate property refers to assets owned before the marriage or received as gifts or inheritance.
The luxury item purchased during the marriage may be considered marital property and liable to distribution. However, if one spouse possessed the luxury item before marriage, it may be considered separate property—unless the maintenance cost for that particular item was paid from the marital budget.
Contribution to the asset
Consider each spouse’s contribution to acquiring and maintaining the luxury item. This includes financial contributions and efforts in upkeep. If both spouses contributed equally, there may be an equal distribution or sale with the proceeds split. However, if one spouse made significant contributions, they might have a stronger claim to that item. Documenting contributions can help strengthen your case during negotiations.
Fair market value
Determining the reasonable value of the luxury items is essential. An accurate appraisal ensures a fair division of assets. In Oklahoma, courts strive for equitable distribution, not necessarily equal. This means they will consider the value of the said luxury item, alongside other marital assets to reach a fair settlement. An appraisal by a qualified professional can provide a clear picture of the luxury item’s worth, aiding in negotiations and court decisions.
Property division during a divorce can be overwhelming and stressful as certain factors must be considered. You may want to seek help from a legal professional who can guide you through the process and possibly increase your chances of a fair settlement.
