What Will Happen To My Family Heirlooms During Divorce?
Splitting up assets often proves to be one of the more contentious aspects of divorce. This tends to be particularly true when family heirlooms are involved and one or both parties wishes to keep them. Fortunately, family heirlooms are likely to remain in the sole possession of the original owner, although in these cases, the person who keeps the asset should keep in mind that he or she may end up losing a different piece of property with a similar monetary or emotional value.
First Steps When Dividing Assets
When attempting to divide assets during divorce, one of the first steps that a couple will need to take is to categorize their assets as either marital or separate property. The former includes assets that were acquired by either spouse during the marriage, while the latter covers property that was brought into the marriage by one of the spouses. As long as the item is categorized as separate property, it should remain in the sole possession of the original owner.
This same rule applies in cases where the person received the heirloom as an inheritance or gift, even if that occurred during the course of the marriage, so if one spouse acquired a piece of vintage jewelry upon the death of a relative, he or she would likely be able to retain that asset upon divorce. There is an exception, however, to this general rule. If the other spouse invested funds in the asset to restore it or increase its value in some way, or if the parties used the property as a marital asset during the marriage, then the other spouse could have a claim on the heirloom as well.
Appraising the Heirloom
If there is some confusion over whether a family heirloom has become marital property through commingling, then the parties will need to have it appraised. Often, these assets have mostly sentimental value, but a low monetary value, which could make them less desirable to a soon-to-be former spouse. In these cases, he or she can likely be convinced to part with the heirloom. Alternatively, the spouse with the sentimental connection could offer to purchase the asset from the other, or offers an item of equal or greater value in exchange. The latter is perhaps the most common scenario, especially in cases where the connection to the asset is primarily emotional or if the asset is particularly valuable.
Here to Help with Your Florida Divorce Settlement
If you and your spouse have decided to end your marriage and you are concerned about the fate of a valuable family heirloom, whether it be a piece of furniture, jewelry, artwork, or other personal possession, feel free to contact experienced Florida property division lawyer Sandra Bonfiglio, P.A. We can advise you about your legal rights and options moving forward with your divorce settlement. Call our office at 954-945-7591 or reach out to us online to set up a meeting with a member of our legal team today.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
forbes.com/sites/kimberlynelson/2022/03/17/yours-mine-and-ours–detangling-the-web-of-separate-and-marital-property/