03 8596 5908After a divorce, the process of asset separation can be difficult and emotional. One of the most common questions is who gets the jewellery? In Australia, there is no clear answer. The courts will take into account a number of factors when dividing assets, including the financial and non-financial contributions of each spouse, the needs of each spouse, and the future earning capacity of each spouse. As a result, the division of jewellery in a divorce can be complex and depends on the unique circumstances of each case. However, there are some general principles that can provide guidance.
In most cases, jewellery will be classified as an asset of the marriage and divided between the parties in a divorce. This is because jewellery typically has both financial and sentimental value. The court will take into account the financial value of the jewellery when dividing the assets, as well as any sentimental value it may have for either party. In some cases, the court may order that one party keep all of the jewellery, if it would cause undue hardship to divide it between the parties. For example, if one party has a large collection of valuable jewellery and the other party does not, the court may order that the first party keep all of the jewellery.
Jewellery that is personal to one spouse is more likely to be awarded to that spouse. For example, an engagement ring or wedding band would typically be awarded to the wife. Second, jewellery that has significant sentimental or financial value may be divided equally between the spouses. Finally, it is important to remember that the division of assets in a divorce is not always black and white. The court may consider a number of other factors, such as the length of the marriage and the needs of any children, when making a decision. As a result, it is best to seek legal advice to ensure that your rights are protected.
The court will take into account a number of factors when deciding whether jewellery should be classified as an asset of the marriage or as separate property. These factors include the date of acquisition, the source of funding, and the intention of the parties at the time of acquisition. The court will also consider any evidence that the jewellery was gifted to one spouse by the other, or inherited by one spouse from a third party. In most cases, however, jewellery will be classified as an asset of the marriage and divided between the parties in a divorce.
If you are going through a divorce, it is important to seek legal advice to ensure that your rights are protected. A lawyer can help you understand the law and the court process, and can assist you in negotiating a fair settlement with your ex-spouse.
Going through a legal divorce and need your jewellery valued? Jewellery Valuation Laboratory can help. Our expert appraisers provide accurate and reliable jewellery valuations, ensuring fair division of assets. Trust us to handle your valuation needs with professionalism and confidentiality. Call now on 03 8596 5908.