By Robin Roshkind, Esquire, West Palm Beach, Florida
Many married couples exchange gifts during the marriage. But what they don’t realize, is that in divorce court, all these “gifts” between spouses become marital. This means that the recipient spouse can only keep ONE HALF of the value of the gift.
For example, let’s say a husband has presented a wife with various pieces of jewelry over the course of the marriage. Let’s also say the appraised value of all the pieces comes to $100,000. In divorce court, the wife may keep all her jewelry, but the husband should receive $50,000 worth of some other marital asset to equalize the distribution of marital assets. In cases where there are no other marital assets, the wife in the above example would have to return one half of the jewelry to the husband or sell it and provide the husband with the $50,000 or one half of his share of the marital assets.
The moral of the story is that “gifts” between spouses during a marriage are not totally belonging to the recipient of the gift. However, one caveat, is that an engagement ring is pre marital and belongs to the recipient spouse in its entirety. If you are thinking about getting divorced in Palm Beach County, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com for more information.