In addition to issues such as spousal support, child support and visitation during a divorce, it is common for divorcing couples to disagree on how to deal with and divide property acquired during marriage. Family law cases can get complicated when the parties feud over property division and do not agree on what belongs to whom.
Rolling Stones fans in Michigan may find it interesting to know that a collection of the group's memorabilia was auctioned off courtesy of a property division dispute between the group's guitarist Ronnie Wood and his now ex-wife. According to reports, Wood's divorce from his wife of 23 years was finalized in 2011, and auction of the Rolling Stones memorabilia was announced a month or two ago. However, the divorced couple was in disagreement over the ownership of the items. Before the items went on auction, the ex-couple was able to work out their differences and the items were described as jointly owned and part of their divorce settlement agreement.
For a divorcing couple, property division matters can be a complicated issue. Laws pertaining to property division vary from state to state. Property is generally divided up either under community property, where all property accumulated during marriage is divided up equally and assets accumulated before marriage is kept separate, or under an equitable distribution system, where a judge decides what is most equitable and fair for the parties. Michigan follows the equitable distribution system.
When in doubt and unable to agree, parties may want to seek expert advice to determine the best course of equitable distribution. In the case above, the parties were able to resolve their disagreement and auction off the memorabilia as jointly owned property. It may be helpful for parties feuding over property division to have their assets carefully examined and come to an agreeable resolution.
Source: Reuters, "Rolling Stones memorabilia auctioned after divorce," Andrea Burzynski, Oct. 28, 2012