When Quincy couples reach the end of a marriage, it’s not for them to find that they need to downsize. At least one partner (if not both) may be moving out of a house and into an apartment. Even couples in a high-asset divorce may find that it is time to let go of assets acquired during the marriage as they move on with their lives.
Actor Russel Crowe and wife Danielle Spencer, who have been separated for more than five years and are in the process of finalizing their divorce, are going through this same experience, albeit on a much larger scale. Crowe is hosting a high-profile auction which will include luxury watches (just one of which is estimated at $50,000), art, automobiles, jewelry, furniture and even a guitar collection. Naturally, memorabilia from Gladiator and other Crowe films is generating significant interest from bidders.
Crowe describes amicable feelings between the divorcing couple around the auction. He notes that they collaborate with regard to child custody matters, which carries over into their approach to property division. He jokes that he will no longer need to insure and care for all of these assets, and notes more seriously that letting go of the property will “help create space for the future.”
While the average Quincy couple is more likely to have a traditional garage or yard sale than a glitzy auction, the principle of letting certain marital property go in a divorce is the same. Ex-spouses may also find the cash from such a sale to be helpful in establishing their new lives post-divorce. A legal professional can help keep both parties on the same page throughout property division and discuss strategies that make financial sense.
Source: Vanity Fair, “Russell Crowe to Host a Celebratory Divorce Auction,” Kenzie Bryant, March 7, 2018