Putting Decades Of Legal Experience Toward Your Family’s Goals

Addressing high-value luxury items in your divorce

On Behalf of | Sep 12, 2022 | Division Of Assets

Most couples believe it is easier for those with wealth to get a satisfactory divorce settlement. That said, the only easy thing about high-asset divorces is that you can afford the costs of going your separate ways.

Splitting up luxury items like vacation homes, yachts, art and jewelry collections is just as challenging as it is to divide ordinary bank and retirement accounts. Like many, you would probably welcome a way to make the division of assets in your high-wealth divorce easier.

While an easy divorce may be out of reach, finding a way to simplify the property division process can help.

As a couple, sell luxury items before divorcing

If simplifying marital property matters is your goal, consider selling off luxury assets together before you file your divorce documents. Afterward, you and your spouse can split the proceeds from selling these assets, simplifying the property division stage. Never sell jointly owned property or assets without cooperation and approval from your spouse.

Consider creating a postnuptial agreement

Prenuptial agreements empower couples to address high-value property and other matters before they marry. Those who have already tied the knot can still benefit from such arrangements. Postnuptial agreements function like their premarital counterparts, allowing you and your spouse to agree, at least in part, to a settlement before your divorce proceedings.

These two options might not resolve your property division dilemma completely. However, they can simplify matters by allowing you to divide some property (luxury assets, sentimental items, etc.) ahead of your divorce.

Be sure to learn more about property division and postnuptial agreements under California law. These laws are typically not the same from state to state.