Readers in New Jersey may find it interesting that Rolling Stones guitarist Ronnie Wood and his ex-wife sold off memorabilia spanning four decades from Ronnie’s involvement with the band. The sale is a result of the couple’s divorce, which was finalized in 2011.
Some of the items that were included in the auction were a white leather coat worn by the guitarist that sold for $8,960, and a cardboard cutout of a 1955 Fender Stratocaster gifted to Wood by Keith Richards which sold for $6,875. The actual guitar brought in $60,800.
Apparently, the couple had disagreements about the ownership of the items in the auction, but were able to work out their disagreements. The auction company listed the items for sale as jointly owned, and as part of the couple’s divorce settlement.
This story brings up an important topic in divorces: property division. It is almost certain that a divorce will include some type of property division between ex-spouses. While states have different rules regarding property division, there are some general principles which usually apply in every situation. The biggest factor in a property division is whether the state the divorce occurs in is a community property state or an equitable distribution state.
For example, New Jersey is an equitable distribution state. This means that the judge will look at and consider all of the marital property, and then decide on a fair distribution between the couple. Not all property is included in the judge’s determination, only marital property. Marital property is property that a couple acquired together while married. This property can include wages, a home, a car and other property purchased during the marriage.
Before filing for divorce, it is important to know and understand how the state divides property in a divorce, and what property is subject to division. Property divisions can be hotly contested in divorce proceedings.
Source: Reuters “Rolling Stones memorabilia auctioned after divorce,” Andrea Burzynski, Oct. 28, 2012
