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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 04-24-2008, 12:57 PM
jean jean is offline
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Default division of assets

Anyone can advise how one can protect a donation received before the marriage to be split in case of a divorce? To make a long story short, the donation consisting of collectibles, was received in good faith from a distant family member, but no documents to attest the donation were ever produced. The donator is now deceased. When the donation took place there were witnesses, but they are close family members. Are their sworn and legalized declarations stating the collection received was donated accepted in Court?

The spouse requesting the collection to be considered in a settlement before the D makes such unrealistic demands and agree the owner of the collection to keep it only in exchange for the equity in the home, no claims against a business, not to consider the vehicles owned value, household content etc. The collection in discussion is insured for 40k, however the market value is far less than that.

The spouse owning the collection is ok to accept the amount spent on the collection during the marriage as being part of the assets to be considered when discussing the settlement (there are receipts documenting various purchases), however this amount is far less that what the other spouse is thinking of.

The spouse owning the business claims it has no value, since there are no liquidities in the business bank account. I believe a business is evaluated according to its potential, not according to the liquidities available. Please correct me if I am wrong.

The spouse making these totally unrealistic demands spent in the last two years alone at least twice as much as was spent on additions to the collection in the last seven years, however the spending was on shoes, clothing, jewelry, trips, bars, etc. These are trivialities and I thought would never being brought up, however considering the demands of the other spouse, is there any way these expenses could be taken into consideration when considering division of assets?

The spouse claiming the collection being considered as a joint asset is making more money, knows the other one has 0$ income now and is entitled to spousal support, but still does not have a common sense approach on how to handle the assets.

Any solid advice is welcome! Thanks!
Old 04-24-2008, 07:54 PM
standing on the sidelines standing on the sidelines is offline
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Do you have a child that the collection would be passed to as an family heirloom?? Maybe if you coud agree to do that so neither person could sell, dispose or in any way break up the collection. Just an idea.
Old 04-25-2008, 10:43 AM
jean jean is offline
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Thanks for the suggestion, I will consider it.
However, this does not answer my question regarding the valability and acceptance of immediate family members sworn and legalized declarations regarding the donation. Any suggestion on how the money recklessy spent by one spouse during the marriage can be accounted for in a settlement?
I need suggestions and welcome strong advice.
Thanks again
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