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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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  4.  | Refined tastes may mean unusual assets at stake in divorce

Refined tastes may mean unusual assets at stake in divorce

| Dec 31, 2019 | Divorce

You may have always considered yourself as someone with refined tastes. You may have grown up in an affluent family that influenced those tastes, or perhaps you garnered wealth on your own and then came to enjoy the finer things in life. Whatever the case, you have become accustomed to your lifestyle and do not want anything to unnecessarily disrupt it, especially not your divorce.

You likely understand that high-asset divorce cases can become complicated. After all, you may be at risk of dividing some of your wealth with your soon-to-be ex or losing some assets that you hold particularly dear. As a result, you may be ready to assess your possessions to determine what could take place during your case.

Unusual marital property

All divorce cases are different, but you may have some unusual assets that could make your case even more of an outlier. Some assets that you may have concerns about include the following:

  • Wine: If you have a wine collection, as many connoisseurs do, you may have a few bottles that hold considerable value. As a result, you may need to have your collection appraised and assess how it could affect property division proceedings.
  • Art: Your refined tastes may have allowed you to have an eye for valuable art, and you may have concerns about potentially dividing your works during your divorce. Again, this is an asset that would need appraisal and close consideration.
  • Horses: Did you grow up having horses or watching horse racing? If so, you know that horses can hold immense value, but determining that value can be difficult, especially if horses could be used for breeding purposes.

You may also have various other assets that are important to you, like sentimental items, work-related benefits, memberships to clubs, leases and many others. As a result, you undoubtedly do not want anything falling through the cracks during your divorce case.

Working toward your desired outcomes

By understanding the value of your more unusual assets, you may be better able to determine where you could negotiate to keep items. Because such an endeavor can prove complicated, you certainly do not want to attempt to follow through on your own. Working with a New York attorney experienced in high-asset divorce could help you ensure that you protect your assets and your best interests throughout your case. 

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