If you enjoy getting out of the house and watching your favorite sports team or visiting a theme park, you might have season tickets. While you generally enjoy broad flexibility to use your season tickets, sell them or give them away, you are going to have to address them during your divorce.
According to the Tennessee Court of Appeals, state law requires divorcing spouses to divide their marital estates equitably. Pursuant to this approach, you and your soon-to-be ex-spouse should get a fair share of everything you own. When it comes to your season tickets, though, property division can be tricky.
Are your season tickets part of your marital estate?
Tennessee law requires divorcing spouses to divide marital assets while allowing each spouse to keep anything he or she separately owns. Therefore, your first step is likely to be deciding whether your season tickets are part of your marital estate.
If you purchased your tickets during your marriage or with marital funds, they are probably marital assets. On the other hand, if you independently inherited the season tickets or received them as a gift separately from your spouse, you might be able to argue they are separate property.
What can you do with the tickets?
Assuming your season tickets are marital assets, both you and your soon-to-be ex-spouse may have an ownership claim to them. Luckily, you probably have some options for dealing with the tickets during your divorce, including the following:
- Selling the tickets and splitting the proceeds with your husband or wife
- Buying out your spouse’s ownership interest
- Giving up other assets in exchange for exclusive ownership of the season tickets
- Keeping the tickets and negotiating a usage agreement with your spouse
Ultimately, to minimize your chances of having a major dispute about your season tickets, you should begin to think about which solutions would be acceptable to you.