Divorce, Separation and Your Gold Jewellery. Three Steps You Can Take To Protect Your Assets.
Beyond the monetary value of Gold
Three Steps You Can Take To Protect Your Assets
Speak Up. As early as possible, tell your solicitor about any high value items of jewellery. You may want the item returned because it was a gift or have significant sentimental value. Or you may want it added to the matrimonial pot because it was a gift for both of you.
Keep Your Receipts. Many cases involving gold and its ownership fail due to a lack of documentary evidence. As someone of South Asian heritage, I’m surprised how many families gift their children gold jewellery without keeping any receipts. Clients often remember these expensive gifts much later in a case. Where possible, keep some evidence of what you bought. Make a list of the items you buy. Take photographs. Keep the receipt. A receipt can make a big difference. It can prove when you bought the jewellery, the cost of the item and the weight of the gold. If you have no receipts, get a valuation of the item.
Record The Gift. If you’re giving a gift, make a record of your intention. Is the item a personal gift to your daughter/son? Is it part of the dowry? Is it a gift to the couple in place of property or money to help them set up their new life? Write down your intention on a piece of paper or a document witnessed by a solicitor. Write down whether the item is an heirloom piece that you want returned if there is a divorce or separation.
These three simple steps can protect you and help to avoid disputes if the marriage fails. If in doubt get in touch with SKB Law. We offer free 15 minute consultations and are happy to offer further assistance. www.skblawfirm.co.uk