Dividing Precious Metals and Jewelry in an Atlanta High-Net-Worth Divorce

According to recent studies, a considerable percentage of the US population owns physical gold or silver. Some of these investors own gold or silver bullion purely for investment purposes, while others own precious metals in the form of jewelry. Whatever the case may be, the value of these assets can be quite high. This is especially true for spouses navigating high-net-worth divorces in Atlanta. How should you divide precious metals and jewelry in this situation?

Create an Inventory of Precious Metals and Jewelry in the Household

If a divorce is already underway or you know that the process will soon commence, consider creating an inventory of the precious metals and jewelry in your household. Write down a list of all the metals and jewelry you can find, along with a description and their estimated values. You might also want to take photographs.

Why is this necessary? Because these items might mysteriously “go missing” once your ex realizes that you could take half of their value in the divorce. By documenting their existence, you reduce the chances of asset concealment in the future. Remember, precious metals represent a common strategy for asset concealment. If your ex later takes the items out of the house, you can use your inventory as evidence to prove their misconduct.

Who Gets the Precious Metals? 

Georgia uses the equitable distribution system to determine who walks away with the precious metals and jewelry after a divorce. Under this system, property falls into one of two categories: Separate and marital. You don’t have to divide your separate property, but your marital property is subject to division.

If you acquired your precious metals or jewelry before the marriage, they are separate property. If you inherited your precious metals or jewelry at any point in time, they are also separate. If you received these items as gifts from third parties (not your ex), they are also separate. If the assets do not meet these conditions, they are marital and subject to property division.

With all that said, you can negotiate with your ex about what should happen to the precious metals and jewelry. If certain items have sentimental value for you, you can ask your ex to let you have them. However, you will most likely need to “trade” something else of equal value during these negotiations.

Consider Working With a Professional Appraiser

Valuing precious metals is relatively easy, as their price depends on their net weight. Determining the value of jewelry might be more challenging, as the price depends on the quality of craftsmanship, rarity, and other factors. To ensure a fair split, consider working with an appraiser to accurately determine the value of expensive jewelry pieces.

Can a Lawyer Help With a High-Net-Worth Divorce in Atlanta? 

Yes, a lawyer can help with your high-net-worth divorce in Atlanta, particularly if you need to divide complex assets like precious metals or jewelry. Choose an Atlanta divorce lawyer who has experience with complex asset division, asset concealment, and other issues that frequently accompany high-net-worth divorce. Consider expanding on this conversation with Buckhead Family Law today.

Sources:

 firstnationalbullion.com/level-of-precious-metals-ownership-in-the-us/

finra.org/investors/insights/buying-physical-gold-or-other-metals