Q: I have just separated from my partner of 20 years. We have two children together, aged 10 and 12. My partner is an entrepreneur in a start-up company.
I have a luxury sports car and wish this to be sold. My partner tells me he doesn’t agree to the car being sold. The car is in my name.
I also have some expensive jewellery and watch that I wish to sell. My partner wishes to reconcile with me, and I think that he doesn’t want these items to be sold either.
The bank accounts are in my partner’s name. I have a credit card but there is only a small sum left on that.
What are my options? Can I sell the sports car, jewellery, and watch to raise some cash? I was hoping to travel to Hawaii in the new year but do not currently have the money. How can I raise my funds?
Our two children go to a private school, and I’m also concerned that my partner may not continue to fund that. Help me please!
The luxury sports car
Despite the car being in your name, the vehicle will be considered relationship property. You are still able to sell the car after you and your partner have separated. Then the car should be sold at market value, and this sum will be liable for equal division with your partner. If you sell the vehicle for a nominal amount, you will need to reimburse your partner for the market value of the car. You will normally need to account for half the proceeds.
The jewellery and watch
The law will usually view the jewellery and watch as a gift and therefore not relationship property. You are free to do with them as you wish. You can sell them and keep the proceeds as your sole and separate property. Clients will often sell items post-separation to enable them to be financially stable.
Spousal maintenance
You are usually entitled to be supported post-separation to enable you to get back on your feet and maintain the same lifestyle that you enjoyed during the relationship. This may be for a period of about two years or until settlement between you and your partner. See Ministry of Justice website link.
Spousal maintenance provides you directly with an amount each month that you need to maintain your lifestyle. You could see a specialist lawyer who would assist you with this. The lawyer will require you to compile a budget, and this will depend on the excess of your expenses over your income.
It is the custom for the financially disadvantaged party’s legal and accounting fees to be met by the more financially advantaged party.
I would also urge you to get professional support which might include a psychologist or counsellor.
School fees
The private school fees are seen as part of child support and not relationship property. As a third party the school may help in discussing private school fees and other significant issues
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