How To Divide Personal Property During A Divorce
Dividing personal property during a divorce can be a challenging and emotional process, but it is necessary to reach a fair and equitable settlement. Here are some steps to consider:
- Make an inventory: Create a detailed list of all the personal property you and your spouse own, including furniture, appliances, electronics, clothing, jewelry, and any other valuable items.
- Determine what’s marital property: Identify which items are marital property, meaning they were acquired during the marriage and are subject to division. Property acquired before the marriage, inherited, or received as a gift is generally considered separate property and may not be subject to division.
- Assign values: Determine the fair market value of each item on your list. You can use appraisals, online research, or a professional valuator to assist you in this process.
- Negotiate: Discuss with your spouse what items each of you would like to keep. Try to negotiate and come to a fair agreement.
- Consider trading items: If you both want the same item, consider trading it for another item of equal value that you each want.
- Document the agreement: Once you have reached an agreement, document it in writing, and have both parties sign it.
- Get legal advice: If you are unsure about how to divide certain items, or if you and your spouse are having difficulty reaching an agreement, seek legal advice from a family law attorney.
Remember, the goal is to reach a fair and equitable settlement that works for both parties. It may not be possible to divide everything exactly equally, but by negotiating and compromising, you can reach an agreement that is fair and reasonable for everyone involved.