Is the Jewelry Yours to Keep After a Divorce?
While you believe that all jewelry gifted to you during a marriage can be yours to keep after a divorce, there are several difficulties that may prove that your favorite unique diamond rings may have only been borrowed by you, while owned by another.
Divorce Is a Busy Time
You will be going through a wide range of emotions, while wondering about your finances, as divorce lawyers contemplate how their client can best benefit from the separation. The assets that the two of you hold will be divided in a manner arranged in law, but pulled apart by the best attorney. You may have brought unique diamond rings into the wedding, but you may guess that your partner’s attorney will require those items to be valued and form part of the asset distribution.
Can You Keep the Jewelry?
You may be faced with the requirement to pay your former spouse a part of the value of any jewelry, so you can keep the specific piece, for future wear. An example of your unique diamond rings will show how you will need to have the jewelry valued by an independent professional or your attorney may require more than one valuation to choose an average assessment value.
Laws in each state may vary slightly or considerably and although there are some basic principles, a high-quality lawyer can often find that their client benefits more during an asset valuation.
The law suggests that jewelry that you own before the marriage are part of your separate property and will not be divided during the asset valuation procedures. A good attorney will also try to ensure that their client has considered any jewelry purchased during the marriage, as their own separate property. The reason behind these decisions is to ensure that separate property is not included within the division of assets.
The best recommendation is to take excellent legal advice whenever you purchase or add a piece of jewelry to your collection, whether you are married, single or about to divorce.