When couples are in the process of divorce, one of the first issues that arises is dividing assets. Most couples tend to concentrate solely on the big things in their lives, such as their finances, properties, businesses, and more. However, there are many other valuable items that accumulate during a marriage that many people do not think about.
By taking a look at well-known celebrities who have gone through divorce, such as Kim Kardashian, Brad Pitt, and MC Lyte, you will quickly learn that it is critical to take the time to make sure all assets are carefully documented and divided.
Non-traditional ways of dividing high value assets
When couples accumulate gifts, fancy items, or objects with great meaning, these assets can become valuable and worth a lot over time. Therefore, it is important that you think about or make plans for these gifts and items ahead of time to save you unwanted stress or confusion. For example, Kim Kardashian and Kanye West took the time to make sure that each and every marital gift was in their prenuptial agreement. This helped them tremendously when it came time for their divorce as things were clearly written out, indicating how they would be divided.
When couples begin going through divorce and a divorce lawyer mentions marital gifts or objects that have great meaning or value, one of the first items to come to mind is the engagement ring. Recently basketball player Ben Simmons demanded that his ex-fiancé give back the expensive engagement ring that he gave her. Since the marriage never happened, Simmons is expected to receive the ring back. However, if his ex-fiancé believed that it was a gift, this could cause a tricky situation.
Other important items and gifts that should be heavily considered include house or business artwork, wedding or engagement gifts, objects that were collected throughout the marriage, and decorations. When Brad Pitt divorced Angelina Jolie, there was a legal battle over who would get to keep their high-priced art decorations. As a result, they could not touch their assets, and a temporary restraining order was put in place to ensure this. However, in 2021, Jolie was finally able to sell one of their paintings after the couple agreed to lift the restraining order on their assets.
What about IP, crypto, and other non-physical assets?
It is extremely common for couples to not think twice about non-physical assets that are considered valuable. This typically consists of anything from music, books, movies, and many other profit-making products or services that you or your spouse are a part of. MC Lyte, a rapper, recently went through a divorce and made sure that she was considered the sole owner of her music, which was established quickly. However, this is not always the case, and many couples can end up in complicated, lengthy legal battles with their spouses over their own creations and royalties that generate money. The reason for this is because it does not matter if the spouse did not have any part in the creation or work. It is still considered marital property as long as the income from it was earned or the copyright was secured during the marriage.
Other important non-physical assets that are becoming increasingly popular include cryptocurrencies (digital currencies) or NFTs (non-fungible tokens). These are considered shared marital property regardless of whether only one party is contributing to them. However, cryptocurrencies remain one of the most difficult assets to divide. The reason for this is because they are extremely hard to track down and cannot legally be assessed by the courts, making them easy to hide or lie about. Only experts are known to be able to discover cryptocurrency amounts when it comes to a couple’s assets, and even then, it can be very challenging to find out this information.
The bottom line: work with an attorney with experience win high asset divorce
At the end of a divorce, the last thing you want to do is cheat yourself or remember an asset that you had with your spouse that was never mentioned. Therefore, it is recommended that you sit down, write out every single valuable element in your life, and let your Fulton divorce lawyer know about it.
Divorce can be overwhelming and frustrating, but it is important that you ensure your assets are divided in a way that you believe is fair. While most of the time the court will prefer to split them 50/50, many couples go the extra mile before the divorce occurs and secure a prenuptial or postnuptial agreement. This ensures that their assets will be protected in the case of a divorce as well as their children’s assets. By establishing this type of contract, your desires and wishes will be granted when deciding what happens to your valuable items and gifts.
At McCabe Russell, PA, we are well-versed in family laws that surround a variety of custody, child support, asset, and divorce issues in Fulton and across the state. That said, you can rest assured knowing that our attorneys will help you understand your legal options, ensure that everything remains smooth and stress-free as possible, and take the necessary steps to fight for your financial rights and assets.
To begin discussing your assets, submit our contact form or call our office today. We have developed an outstanding reputation among our clients, and we look forward to meeting you and offering you the same great customer service, strong representation, and personalized assistance! Our team is based in Fulton, Bethesda, Rockville, and Columbia for your convenience.
Emily has earned the well-deserved reputation among her colleagues for her willingness to successfully take on some of the most difficult divorce and custody cases throughout the state. Without a doubt, Emily is the trial attorney you want seated on your side of the courtroom.
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