Dividing Personal Property In High-Asset Divorces
In Pennsylvania divorces, all property and assets are divided according to the law of equitable distribution. This means that while possessions and accounts are divided equally and fairly, they are not necessarily distributed to each party in a 50-50 fashion. Equitable distribution applies to all property and assets, regardless of their value. However, it is important that all the effects are properly valued to ensure they are divided accordingly. This can be difficult when the personal property is of a high net worth nature.
Partnering With Clients To Protect What Is Theirs
Our legal team at Cognetti & Associates in Camp Hill is highly experienced at handling high-asset divorce cases, as well as sensitive property valuation and division cases. We understand that you want to keep many of your possessions, and we work to see that you retain property whenever possible. Experts are enlisted when personal property needs to be valued, including professionals who can appraise property that may be difficult to value. Types of high-value property that are often the subject of division include:
- Cars, motorcycles and other vehicles
- Recreational vehicles, such as four-wheelers and golf carts
- Paintings and other pieces of art
- Sports equipment
- Family heirlooms
Before ascertaining the value of an object or having it appraised, it may be important to determine if it is separate or marital property. In some instances, a piece of tangible personal property may have been owned before the marriage took place and as such would be considered separate property, which is not subject to division. Once separate and marital personal tangible property is determined, we can have experts appraise the possessions and determine their worth. From that point, the property can be divided equally and fairly.
When property has emotional value, such as family photo albums and gifts from loved ones, it can be harder to divide. However, our lawyers are skilled negotiators and can be persuasive in their arguments for or against tangible property to be retained or why it should not be handed over to the spouse.
If you have questions or concerns about high-value property, how it is appraised and divided, and how it may be handled in your specific situation, contact our office online today or call us at 717-909-4060.