Dividing property during divorce isn’t just about splitting bank accounts and deciding who gets the house or car. It also involves dividing smaller, significant assets accumulated over the years. These assets often carry financial value and emotional significance.
These items can be a source of contention, representing memories and milestones in a couple’s life together. Understanding how to approach the division of these assets can make the process smoother and help both parties move forward.
Household furniture
When it comes to household furniture, the key is to decide what’s necessary for each person’s new living situation. Often, practicality can override sentimental value, especially for items like beds, sofas and dining tables.
An equitable division doesn’t necessarily mean each person gets an equal number of things, but rather that each party has what they need to start their new household. It might involve one person keeping the dining set while the other takes the living room furniture, based on their needs and space.
Major appliances
Major appliances, such as refrigerators, washers, dryers and ovens, often represent a significant investment. Dividing these items can be tricky, especially if they were purchased recently or have a high market value.
The decision on who keeps these items can depend on several factors, including each person’s new living situation, the appliance’s age and condition and any existing warranties or service agreements. Sometimes, selling the appliances and splitting the proceeds is the most equitable solution, especially if both parties move to places where appliances are already provided.
Collectibles
Collectibles, such as art, antiques and hobby collections, pose a unique challenge. These items may have a high market value but often hold even greater sentimental value. The first step is to get an appraisal to understand the fair market value of these items. Then, individuals must decide whether to keep, sell or split their collection.
Smaller items such as these may be used to balance out a property division settlement once the bigger assets are divided. Legal assistance can help individuals determine the best way to handle these matters based on their unique circumstances.