California’s community property rule governs the division of debts and property in divorce. All property acquired during the course of the marriage is subject to 50/50 division upon divorce. Property is defined broadly; anything that holds value is property.
Given the value of a set of season tickets, be it for a sports team or the opera, they are considered valuable property. How season tickets could be divided will depend on what works best for you and your family. It is important to note that season tickets will have varying values. The retail value may differ from the value of selling them individually. This is something to keep in mind, especially if neither of you are bent on attending every game or concert.
Generally, the value a piece of property will be assigned during the property division will be calculated from the date of the property division agreement is signed and off of what is called fair market value. Fair market value is the value of a piece of property should that property be sold that day, as is. This may or may not be the same as the purchase price or the individual face value, when it comes to tickets. The fair market value of season tickets could be higher than what you paid for them, if you bought them in advance or if the value of the tickets increased as the season progressed. Alternatively, the fair market value of sports team tickets could also depreciate as the season progresses and the team does not do well. Similarly, the value of any season tickets may also adjust for portions of the tickets already used.
Keep in mind that the ticket distributor may not allow you to transfer ownership, or transmute, your season tickets to another holder, or you may not be able to sell them for face value. This means that the division of this specific type of property may be a challenge. If you have valuable season tickets, consult with an experienced California family law attorney to discuss what your options are for handling this specific asset. You may not have to divide them or sell them as part of the divorce, however their value may be weighed against you in the property division, meaning your spouse would be entitled to take a piece of property of equal value.
Are you in Los Angeles County and have questions about unique assets? Certified Family Law Specialist Steven Fernandez has experience representing high net-worth individuals with complex property division issues. Steven Fernandez will work hard to make sure your financial interests are looked out for. Representing individuals in Los Angeles and surrounding areas, Steven Fernandez will listen to your case and, based off your needs, will take action to ensure a favorable outcome for you. Call our office at (310) 393-0236; email us at email@example.com or contact us through our online form today to schedule a free consultation.Related Posts: What is a Schedule of Assets and Debts? |