It is that time of year: people are returning from fraught winter breaks, giving up on their marriages and filing for divorce. In the trauma that often ensues, the focus is usually on who gets the house, but matters become more complicated when it comes to who gets the luxury assets — such as the horse (or stables) and the fine art collection.
As part of divorce proceedings, both spouses have to disclose details of all of their financial assets, including any belongings worth more than £500. This includes artwork, handbags and jewellery as well as antiques, wine collections and cars.
Even when it is left up to the courts to divide up the assets, the judge might take sentimental attachments into account. “In one case, the judge awarded a Scottish castle to the husband, even though both spouses wanted it,” explains Hetty Gleave, a partner at Hunters solicitors. “The main reasons were that the couple’s original plan had been for the wife to keep the more valuable London house and the husband to keep the castle.”
Please find a link to the article in the Financial Times here, behind a paywall.