Properties and Finances

Unlike some of the more straightforward assets with an assignable value and an undisputed total, divorce settlement on personal property confuses many soon to be divorcees. A divorce settlement on personal property usually entails divvying up the property via value and coming to a workable term that settles the undisputed value of the personal property. What constitutes personal property can vary from state to state, so make sure to get a clear idea from your divorce attorney about what should be included and excluded. Some states even allow the family dog to be included in a divorce settlement on personal property if it cost more than a specified amount at the time ownership was taken.

Before you meet with your divorce attorney, it is a good idea to make a valued list of the possessions that you believe would qualify as an asset in a divorce settlement. Include any possessions that are particularly valuable to you on an emotional level as well. If you are not sure if something belongs on the list, add it in anyway so that your divorce lawyer can advise you accordingly.

On your list, make sure you include the purchase value and the estimated current value of all of the personal property items. If you feel that there are items on the list that can be negotiated or are a potential bargaining tool for you’re soon to be ex spouse, note that as well.

Don’t get petty. A divorce settlement on personal property is designed to help you and your spouse determine which items, especially those of value, will go to which person. There are plenty of couples who have gotten caught up in the process of trying to hammer out a single item, cost themselves a ton in legal fees, and end up postponing the process of moving on over something that can be readily replaced. You are more likely to successfully keep the personal items that are particularly valuable to you if you remain reasonable on those items that perhaps you would like to keep but won’t be all that upset to lose. This makes the inevitable process of negotiation much easier.

Finally, when entering a divorce settlement on personal property it is important that monetary equality can come close to being a reality. Using joint tax returns as a starting ground, you and your divorce attorney can muddle through the list and gather a reasonable expectation of value. This is vital to the process of divvying up the family items as fairly as possible.