An ex-husband has sued his professional poker playing wife claiming that she failed to disclose to him the value of her $1,000,000 shoe collection during their divorce proceedings. The ex-husband claims that he would have sought hundreds of thousands of dollars more from his ex-wife had he known the value of her shoes, which he claims she hid from him.
This case highlights the importance of creating an inventory and valuing personal property in divorce cases. In most cases, division of personal property is not given much thought and each party may walk away from the marriage with their own items of personal property without any discussion or negotiation, but, in some cases, this may lead to an inequitable division of property, especially where one party acquires expensive items of value during the marriage, including sports equipment (an avid bicycle rider can spend up to $10,000 on a bike), collectibles, jewelry, furniture, and, now, of course, shoes.
If you believe your spouse has spent substantial sums on items of personal property during the marriage, make sure you advise your lawyer so that he or she can review and make a determination on the issue.
Monday, June 25, 2012
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