The messy and bitter divorce of ice skater Johnny Weir and Victor Voronov has been garnering headlines for weeks. They have continuously slammed each other both in the press and in court documents and can’t seem to agree upon anything related to their relationship or their divorce. This week, however, they came to a compromise on how to divide their community property items – though it took the parties and lawyers 6 hours to come to an agreement. Johnny Weir – Crying Fit Over Faberge Egg, tmz.com, March 31, 2014.
Specifically, the parties were trying to agree upon how to divide the pricey contents of a jointly held storage locker. The parties had previously agreed to sell off this expensive community property and put the proceeds in a trust to be divided at a later date, but they could not agree on who would actually sell the items and how the items would be sold. Johnny apparently offered to take all of the items and sell them himself, but neither Victor nor his lawyer trusted Johnny to comply by the rules governing the sale of such items. As such, the parties divided the property in the storage locker and each will sell his portion, putting the proceeds in a joint trust for later distribution.
Though this entire divorce battle seems crazy, their agreement to sell property and divide the proceeds is actually a great idea and can be used in many divorce cases. Suppose a divorcing couple owns a valuable piece of art, but neither party wants to keep it. Even if the parties have not yet agreed upon how the marital property will be divided, they can sell the art (under specific orders from the court) and place the proceeds in a trust. That way, the property is immediately liquidated and can be divided according to an agreement made at a later point in time, and there is no danger of it being damaged while the divorce case is pending.