When two people are married — especially for a long time — property division can get rather confusing when it comes to divorce. Property, which can include real estate, valuable collections and sentimental items, needs to be distributed in a way that is fair to both spouses.
Recently, property of Rolling Stones guitarist Ronnie Wood and his ex-wife was sold in an auction as part of the couple’s divorce settlement. The couple had reportedly been married for 23 years before deciding to separate in 2008. The separation turned into filing for divorce. Their divorce was finalized in 2011.
Included in this auction were personal garments worn by Wood during the four decades that he’s been part of the legendary band. One of these jackets, a white leather coat, sold for more than $8,000.
Other items that were sold included a lithograph Wood drew of Eric Clapton. Both Clapton and Wood signed the lithograph, which sold for $5,120. A 1955 Fender Stratocaster guitar played by Wood also sold for $60,800.
In the end, it was not reported exactly how much was earned off the auction, but it was reported that the items were listed as jointly owned by the couple. This means the couple was able to come to terms with ownership between the time the auction was announced and the actual auction. Most likely, these decisions were made after heavily involvement from the attorneys on both sides.
In general, in terms of property division, if a couple is divorcing in Missouri, the state recognizes equitable distribution of marital property. This means that a 50/50 split is not always how things turn out. This is why it’s important to seek legal advice in order to make sure that while the division may not be right down the middle, the outcome is still fair.
Source: Reuters, “Rolling Stones memorabilia auctioned after divorce,” Andrea Burzynski, Oct. 28, 2012
