Dealing with property and items of sentimental value in a divorce
Dec 31 2016 - Posted by On Behalf of the Lincoln Law Firm, PPLC, in Property Division, Tagged in Property Division
When a Texas couple chooses to end a marriage, there are a great number of factors that will be of significant concern. While children, custody, support, assets and living arrangements might be worrisome, other issues can come up. If there was a great deal of property obtained during the marriage and some of it has financial or sentimental value, this can be difficult to negotiate. With this in mind, it is important to have a plan beforehand. This requires experienced legal help.
If, for example, one of the spouses had a valuable collection of artwork prior to the marriage or the artwork was acquired after the marriage, these could be items up for dispute. Simply retaining the property is one issue, taxes are another. The parties who are getting divorced must take taxes into account, how it will affect them, who will be responsible for back taxes, and the filing options after the divorce. Formulating a coherent strategy can help to protect the participants and avoid contentious disagreements.
Assets are a constant worry. Properties such as a home or multiple homes; vehicles or multiple vehicles; business considerations; debts that have accrued; and the previously mentioned properties of sentimental value and artwork are all factors in any parting of the ways. Sentimental items run the gamut and leave others wondering why someone would care about it, but that does not mean it has no value. This can be true whether it is a marriage that had substantial assets for a couple that was considered wealthy or one that is of more modest means.
The ideal scenario when the marriage is over is that the spouses will have an amicable parting of the ways, accept it, and do whatever they can to make it as pain-free as possible. This sometimes does happen. However, with assets and other properties that each party is determined to retain, it can become complicated. With this and any other matter that arises during a divorce in mind, having a qualified and caring attorney is one of the keys. This is the first call that should be made.
