Practical Tips for Dividing Personal Property2011 – Brochures Practical Advice
The current economic climate has made divorcing parties more vigilant than ever about the value and disposition of their marital assets. There are a number of methods and concepts that may help divorcing parties streamline the process of dividing their marital personal property—or personalty—during a divorce. Personalty can be anything from an apple corer to a designer watch. Basically, it’s the “stuff” acquired during marriage.
While divorcing parties often cannot agree on anything, let alone go through their home piece by piece and divvy up personal effects, to the extent you are able to divide possessions amicably, you should. No one will have a better understanding of your assets and their value to you than you will. Plus, you should not have to pay an attorney to argue about who is keeping the living room sofa.
Get as much of a “head start” as you can on the division of personalty. “Head start” does not mean taking the assets you want and hiding them. It means familiarizing yourself with the plausible means by which you can divide your assets and the concepts that will help you do so in a streamlined fashion.
This guide will provide you with points to consider when you and your spouse are dividing personalty.