Asset division can be one of the most contentious and tedious steps in a divorce. Dividing property isn’t just about deciding who gets a home, vehicles and retirement funds; it is also about dividing the personal property we see and use every day.
Dividing personal property can be overwhelming. However, there are ways to make the process of distributing property easier.
Take inventory
Many people are surprised by the amount of personal property they have. To understand what you have to divide, start by taking inventory and making a list of all personal property that is subject to division, including:
- Furniture
- Dishes
- Appliances
- Electronics
- Jewelry
- Clothing
- Dishes
- Artwork
- Photographs, videos and books
- Tools
- Bicycles
- Fitness equipment
Having a master list of your property, like one you might use for insurance purposes, can help you get and stay organized.
Categorize everything
Once you have your list, put everything into one of three categories. These categories are:
- Keep
- Sell (online or with a garage sale)
- Donate
If you know who will keep what, make a note of that. Anything you are unsure of or fighting over can be worked out in mediation or resolved by the courts.
Assign values
Assigning prices to personal property ensures you divide everything fairly. Values are often based on what the current market price of an item is. To determine this, visit sites like Craigslist or eBay to see what similar items are selling for. Remember, the value is not what you paid for it; it’s the amount it is worth now.
You may also hire an appraiser to value an item. Appraisals can be prudent in cases where property is rare or potentially very valuable.
Dividing personal property can become much easier once you know what you have, what you want to do with it, and how much your property is worth.
