People facing seemingly insurmountable issues often try to tackle the biggest problems first. For those facing divorce, child custody negotiations are frequently a top priority. Once they settle parenting matters or when there are no minor children, property division matters often take priority.
It is common for people to focus on large assets with significant value during property division proceedings. Real property holdings, pensions, investment accounts and businesses are among the assets that people may prioritize during property division negotiations. They ensure that they determine a reasonable fair market value for those resources and pursue their portion of those assets.
Particularly when spouses have diverse and large marital estates, they may become somewhat dismissive about personal property as they negotiate asset distribution matters. While they may want to avoid looking petty and squabbling over minor details, the reality is that personal property can be incredibly valuable.
Personal possessions can be worth thousands
The longer the marriage lasted, the more personal property the spouses likely acquired while married to one another. If their standard of living was comfortable throughout the marriage, the individual assets of each spouse could be worth tens of thousands of dollars.
While one spouse may not begrudge the other retaining their designer white-collar wardrobe, it is still important to take the value of those resources into consideration. The same can be true of collections, hobby equipment and household furnishings.
Antiques, works of art, jewelry and handbags are all assets that may have more value to one spouse or the other. People do not need to retain the personal property of their spouses to consider those resources appropriately during property division negotiations. Instead, they should establish a thorough inventory of assets and a reasonable estimate of the value of personal property.
If there is a substantial discrepancy in the value of the assets belonging to one spouse versus the other, then it may be reasonable to ask for certain concessions during property division negotiations. Providing accurate information to a judge about personal property is also important in cases where spouses litigate their property division issues.
Being thorough when preparing for property division negotiations or litigation can help people achieve a fair outcome for a pending divorce. Spouses may need to consider personal property to arrive at an arrangement that is reasonable given the resources that belong to each spouse.