Divorce and Valuable Keepsakes

Nothing is sacred in divorce. Absolutely nothing. On a large scale, for instance, take the Macklowes. Their estate included property, vehicles, and stocks, but the lion’s share of their portfolio came from their art collection. The couple could not agree on a value, “so [Judge] Drager ordered it sold: only the market, she wrote, could determine its true worth. ‘In addition,’ Drager added, ‘the sale will provide each party with the needed cash to enable them each to enjoy their lifestyles.’” Ultimately, their entire collection (less $40 million worth that was granted to the wife) fetched over $900 million at auction.

This case, on this scale, is not the norm. However, in the absence of a pre-nuptial agreement, everything is on the table and subject to negotiation. It is always ideal when a couple can agree on the distribution of property, or can at least settle through mediation. When no one is willing to compromise and the courts have to intervene, in a sense, everyone loses. Whether it’s your grandmother’s silverware, a diamond tennis bracelet, or even Beanie Babies, everything is negotiable and nothing is off the table.

Equitable Distribution

New Jersey law subscribes to equitable distribution, not community property. Therefore, if your name isn’t on the deed of the marital home, but it was acquired during the marriage and you contributed to its upkeep, you may be entitled to a share of it. Likewise, there is no equal distribution in New Jersey either, as it is recognized that there may be contributing factors and circumstances surrounding the accruement of debt or acquisition of wealth.

If you’re in a serious relationship and contemplating marriage, I urge you to seek counsel and discuss a prenuptial agreement. Likewise, if you’re at the other end of the spectrum, contemplating divorce, a seasoned attorney is the very best tool in your shed. A skilled legal team can help deescalate a situation, and often has a cadre of contacts to provide expert advice and opinions from antique dealers to jewelers to forensic accountants.

Our team is standing by so contact us today to schedule your consultation.