In Texas divorces, dividing assets can be a complex process, sometimes especially regarding non-traditional property like season tickets. Whether the issue involves tickets to professional sports games, concerts or theater performances, season tickets are often highly coveted and may hold significant sentimental and financial value for one or both spouses. If spouses cannot reach an agreement on this matter, they may need to litigate their concerns.
Texas is a community property state. This means that if the season tickets a couple has enjoyed were purchased by one individual prior to their marriage – or were gifted to or inherited by one spouse alone – they may be considered separate property. If so, the spouse entitled to the tickets will not have to trade their value for the value of other assets before they can retain them as part of their divorce settlement.
If the season tickets were purchased during the marriage using marital funds, they will likely be considered community property. In such cases, the tickets would be subject to division, just like other marital assets such as cars, homes and bank accounts.
Valuing season tickets
The value of season tickets can vary widely depending on the event or team they’re for. For popular sports teams or events, the resale value of season tickets can be significant. In a divorce, determining the value of the tickets is essential for a fair division. The court or attorneys may bring in experts to assess the value based on current market rates, the remaining duration of the ticket package and any associated rights, such as renewal or transfer privileges.
Once the value is established, the tickets may be treated similarly to any other valuable asset, wherein one spouse may receive the tickets while the other is compensated with an asset of equal value, such as cash or property. This allows for an equitable division of assets without having to split the tickets themselves.
In some cases, both spouses may wish to continue using their season tickets, leading to negotiations over how the tickets will be divided. One option is to split the tickets, with each spouse receiving a portion of the games or events. For example, one spouse could attend the games in the first half of the season, and the other spouse could attend the second half.
This type of arrangement requires clear communication and an ability to work together post-divorce, which may not always be feasible. However, if both parties are amicable, splitting the tickets can allow each spouse to continue enjoying the season tickets without significant financial loss.
Ultimately, the process of dividing assets during divorce is a complex undertaking. And there are a host of different forms that must be filled out to this effect, even if spouses agree on the terms of their settlement. Therefore, being as proactive as possible when seeking legal guidance is generally wise when season tickets – or any other asset of value – needs to be divided at the end of a marriage.