ST. LOUIS, Missouri. Russel Crowe’s divorce, like many celebrity divorces, came with its own provocative headlines. But these headlines weren’t the salacious kind. Instead, they involved an auction. According to the New York Times, Crowe decided to tackle his divorce with a Sotheby’s auction called “The Art of Divorce.” Though Crowe’s divorce had already been finalized, he explained that he held the auction to get rid of things he no longer wanted. Included in the auction was memorabilia from the Gladiator film, a codpiece, and a costume worn by Crowe in “Master and Commander.” He also sold guitars, watches, and other luxury items.
Not all of us can have a Sotheby’s auction when we get divorced. For most divorcing couples, the most difficult items to divide in a divorce are those that have little to no monetary value. These items might be photo albums, gifts, collections, and other keepsakes. The family home is a big item that can have financial value that may also carry with it emotional value. When dividing these kinds of assets, it is important to consider their actual cash value as well as their emotional value. In some cases, these assets don’t necessarily have to be divided. Couples can find ways to allow both parties to keep the property.
Photos, for example, can always be digitized. Children’s keepsakes can be given to the children. But, when it comes to your son’s baby shoes, or your daughter’s christening dress, these items are one of a kind—and if you both want them, it can create problems. At the end of the day, a good divorce settlement is one of compromise. One good way to compromise is to make a list of the things you each absolutely want. You’ll likely find some things overlap, but you may also find that there are things one spouse wants that the other doesn’t want. These differences can be used to help you make decisions about how to divide sentimental assets.
You may also want to consider sentimental assets in the context of other assets in the marriage. Forbes provides a convenient list of the kinds of marital assets that should be considered in the divorce agreement. These assets include benefits, capital loss carryovers, cemetery plots, memberships, intellectual property, tax refunds, and travel rewards points. These assets are too often overlooked, but they can actually have significant cash value. For example, some memberships have high initiation fees. Carryovers can also have significant value.
Couples should take the time to look at their entire financial picture, including sentimental assets. The division of assets process is often a negotiation and it is best to keep emotions out of it as much as possible. If you find yourself having difficulty doing this, consider reaching out to the Behrens Law Firm, L.L.C., divorce lawyers in St. Louis, Missouri. Our firm can help you catalog your assets, understand the laws regarding division of assets, and reach the best possible divorce settlement for your family. Contact us today at https://ffa.963.myftpupload.com/ to learn more about how we can help.
Behrens Law Firm, L.L.C.
75 West Lockwood Avenue
Webster Groves, MO 63119