Split or Sell: What to Do With Luxury Items in Divorce

Getting a divorce means accounting for every marital property of value and figuring out what you want to do with them. In a high-asset divorce, you may have numerous valuable properties to divide that you would classify as luxury items instead of necessities. They may be: Recreational vehicles; Collector’s items; Fine art; Club memberships; and Vacation homes. You must decide together who will keep each luxury item and whether you want to sell any of the items. Valuation Whether you divide your luxury items or sell them, you first need to know what you have and how much each item is worth. You should hire your own assessor to value the luxury items based on their condition and what someone would likely pay for them. Some collector’s items may require an assessor that specializes in evaluating that type of item. Do not assume that your spouse will tell you an accurate value because he or she has an incentive to understate the value a…

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