Dior sneakers. Cartier diamond bracelets. Dolce and Gabbana tiaras. Gucci baby clothes. Chanel paddle boards.
Bling Empire is a smash hit on Netflix, which showcases the lives of a mega rich circle of friends in Los Angeles. With sprawling mansions, flashy cars, and closets filled with couture, it is an insight into society’s upper echelon.
What happens to personal property in a divorce? Typically, each party keeps his or her personal belongings. The furniture and artwork gets divided upon mutual agreement. In the event of a disagreement, the parties can alternate selecting the disputed items, one can pay the other a sum of money for the items, or they can even do a coin toss.
In cases involving high net worth individuals, personal property can be extremely valuable. Appraisers can be hired to value art, antiques, furniture, jewelry, and watches. Among the other items that can be appraised include cars, musical instruments, and expensive handbags, such as Birkin bags.
For the average couple, the value of their property does not warrant the cost of performing an appraisal. However, in ultra high net worth divorces, the appraisals may be justified by the bling.
Stay tuned for the next edition, Family Law for Real Housewives: Marriage Licenses.