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Jewelry and divorce proceedings

On Behalf of | Sep 26, 2022 | Divorce

Property division could become a contentious issue during a New Jersey divorce. Things do not have to be difficult when both parties are willing to compromise. Sometimes, the compromise center is on how to divide expensive jewelry collections.

Jewelry and property division

Jewelry may or may not be marital property under the law, depending upon how someone acquired it. If one spouse gives the other partner a necklace as a birthday gift, the jewelry might fall outside marital assets. When jewelry is considered a marital asset, then it is subject to division.

A divorce trial may result in a judge ordering jewelry sold and the proceeds split at the conclusion of divorce proceedings. This scenario might be avoidable if the two parties agree on asset divisions during settlement negotiations. Perhaps one spouse will be willing to let the other one keep the jewelry in exchange for another asset that might be valuable to them.

It might not be beneficial to remain attached to jewelry that is not a family heirloom or has other unique significance. If the jewelry is merely a collection of gifts or random purchases, being too insistent on keeping the jewelry could undermine negotiations.

A concern about jewelry during a divorce

A dishonest spouse may attempt to hide assets during divorce proceedings. Certain assets, such as investment accounts that leave a paper trail, may be difficult to hide. However, a physical property might be placed in a safe deposit box or another location. So, it is possible to attempt to hide jewelry or claim it was stolen or lost. Some may go to extremes to get the upper hand regarding property division in divorce proceedings.

Any spouse caught attempting this might find themselves in serious legal jeopardy. Lying to the court comes with potential penalties.