What Happens to Jewelry When You Separate? Is Jewelry a Gift or an Asset to be Shared Equally?
Spouses often give each other jewelry as a sign of affection. It is given as gifts for holidays, offered as an apology for transgressions, and wedding sets are exchanged. But what happens to the jewelry when you separate?
Some people amicably keep their jewelry and move on with their life. Or they give it back and call it a day. But there are some situations where the jewelry is very valuable and becomes an asset.
What to do with the value of your jewelry on your date of separation depends on various factors, for example, is it worth spending lawyer fees fighting for its inclusion or exclusion for the issue of division of the matrimonial property?
Another question would be what happens if you are not married, are you entitled to any value increase in the jewelry?
Before embarking on an expensive trip down litigation lane on the issue of jewelry, it would be time well served to have your jewelry questions addressed and your plan of course mapped out, otherwise, the cost of fighting for the value of the jewelry may be more than the jewelry itself!
Contact us anytime at SMP Law to help SiMPlify your legal matter at 905-565-9494 or email info@smplaw.ca if you have any questions or would like to book an appointment to meet and discuss your situation and how we can help.