How are Luxury Assets Valued in a New York Divorce?

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How are Luxury Assets Valued in a New York Divorce?

When spouses go through a divorce, they are required to divide their assets amongst the two of them. Depending on the divorce, spouses may have a variety of valuable properties that are sometimes seen as luxury assets. This can include collector’s items, fine art, vacation homes, recreational vehicles, club memberships, and more. When dealing with these situations, it is important to determine the correct value of these assets before they are divided. Continue reading below to learn more and retain the services of an experienced New York divorce attorney for assistance.

How are Assets Valued?

In order to know the worth of an asset before dividing or selling it in a divorce case, an assessor can be hired to determine its value. The value of an asset is based on two things: the condition of the asset and what would likely be paid for it. Sometimes, an assessor who specializes in valuing a certain asset may be needed. It is important to not assume that a spouse will give an accurate value of an asset they own. This is because they may choose to understate the value so they can keep it. That is why it is best to hire an assessor for the case.

How are Assets Split?

Luxury assets can be split in a variety of ways. Sometimes, spouses can be creative with how they choose to do so. For example, if the couple owns a vacation home together, they can both keep ownership and divide the time they spend there so neither party has to give it up. However, in other cases, a spouse may need to forfeit certain assets so they can keep others. If one spouse wants to keep a high value item, they will have to compensate the other with assets that equate to a similar value. During this time, keep the concept of equitable distribution in mind, as it is used to determine a fair division.

What if Assets are Sold?

In some cases, it is easier to divide a luxury item by selling it and splitting the money between spouses. This may be beneficial in the following situations:

  • It may be too costly or impractical to keep certain assets as a single adult
  • The asset’s sentimental value may be tied to the marriage
  • Spouses may need the money to pay for their divorce or certain marital debts

Contact our Firm

Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.

Why choose our firm?

We have an excellent AVVO rating from our many happy clients

We will tirelessly pursue a favorable resolution to your case

We offer aggressive and effective representation

We treat our clients with the compassion, patience, and respect that they deserve

We have more than 20 years of dedicated legal experience

We have the legal knowledge necessary to help you obtain the outcome you desire

We tailor our practice to the representation of your divorce case

What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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