How Jewelry and High-Value Assets are Divided in NY Divorce

It is a common misconception family heirlooms, especially jeweley, is necessarily the separate property of the wife and is never subject to equitable distribution. In fact, many people don’t even mention jewelry when discussing assets during a divorce case. See the excerpt below for an example of equitable distribution of jewelry and don’t forget to discuss your family jewels with your attorney.

Jewelry and Family Heirlooms in Divorce Cases

Family heirlooms often hold sentimental and financial value, making them a sensitive topic in divorce proceedings. These cherished possessions can include jewelry, antiques, art, and other valuable items that have been passed down through generations.

During a divorce, disputes over who gets to keep these family jewels can become emotionally charged. While many states follow equitable distribution principles in divorce, family heirlooms often present unique challenges.

Navigating Heirloom Disputes

Divorcing couples may have differing opinions on how to handle these heirlooms. Some may wish to sell the items and split the proceeds, while others may have strong sentimental attachments and want to keep them. It’s essential to address these matters with care.

The Role of Legal Counsel

Experienced divorce attorneys can help couples find a fair resolution. They can guide clients through negotiations and, if necessary, represent their interests in court. By focusing on fair distribution, rather than emotional attachment, attorneys can help couples reach an agreement.

Preventing Disputes

One proactive approach to prevent heirloom disputes is to create a prenuptial or postnuptial agreement. These agreements can specify how family heirlooms should be handled in the event of divorce, reducing potential conflicts.

Safeguarding Family Treasures

Preserving family heirlooms during divorce can be achieved through open communication and cooperation. Heirlooms often hold irreplaceable sentimental value, making it essential for couples to work together to find a solution that respects their shared history.

In high-stakes divorce cases, it’s crucial to consult with experienced attorneys who can provide the necessary guidance to reach a fair resolution, preserving the significance of family heirlooms while navigating the emotional complexities of divorce.

Hiring a New York Divorce Law Firm

It is important to hire a lawyer who stays up to date on the latest developments in the law. For further information about The Law Offices of Brian D. Perskin please click here.

Excerpt from Ciaffone v. Ciaffone, 645 N.Y.S.2d 549 (1996).

Supreme Court’s classification of certain items of jewelry given plaintiff by defendant during the marriage as marital property was correct (see, Chase v Chase, 208 A.D.2d 883, 884, 618 N.Y.S.2d 94). It should, however, have given plaintiff a credit of $1,724 for the evidence shows that these funds were plaintiff’s separate property which she utilized to purchase a ring. This credit reduces the distributive value of the jewelry to $7,676 ($9,400 – $1,724) and plaintiff’s distributive award therein to $3,070.

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