Gregg R. Lewis

Trusted Family Law

Services In Columbus

Gregg R. Lewis
Trusted Family Law Services In Columbus

How does the court handle unique items during divorce?

| Jul 20, 2018 | Complex Property Division |

There are many types of assets you might hold that are relatively easy to divide and distribute. During a divorce, you would probably not have much trouble splitting up a shared bank account evenly if it consisted of community assets, for example. However, you would probably not find it so easy to establish the value and interest you have in everything you own. Some categories of items often pose unique challenges in divorce courts in Ohio. 

Division of artwork, business interests and collections — of wine, automobiles, jewelry, books or even furniture — could require you to engage in lengthy valuation processes. For example, if your ex-spouse wanted to keep a piece of artwork you acquired jointly, it would be in your best interest to have someone make an accurate appraisal of its value even if it was not your intention to contest the claim.

You would likely have an opportunity to take assets, be they complex property or marketable securities, that are equal in value to those your spouse chooses. Before this process could be equitable, you and your spouse would have to agree on the value of the items and the burden of their upkeep in the future.

The Financial Times goes into greater detail on complex property division in an article that discusses everything from handbags to horses. One of the more interesting points is that your spouse could be responsible in a support agreement for a luxury asset that required considerable upkeep, such as a prize thoroughbred. Of course, every couple’s asset profile is different, so please regard this as educational information only. Nothing in this is meant to be specific legal advice.