During divorce proceedings, spouses have to divide their property. There are certain assets that are clearly shared resources, such as the home that they bought together. Many other assets acquired using marital income are personal property that theoretically belongs to one spouse.
While the law may classify those resources as marital property, only one of the spouses actually has an interest in owning those assets. A husband usually does not want his wife’s jewelry, and she may have no interest in his sports memorabilia, even if they acquired those assets during the marriage.
Frequently, spouses trying to settle property division matters amicably or quickly simply agree to allow each spouse to retain their personal property while focusing on the division of specific, high-value resources. While this approach can speed up property division, it does not always lead to a fair outcome.
Personal property is often highly valuable
Personal property ranges from collections to wardrobes. Furniture, housewares, supplies for hobbies and a variety of other resources may only hold sentimental value to one spouse. Even certain assets obtained and enjoyed jointly are clearly more important to one spouse than the other. Choosing not to fight over physically keeping those assets can lead to a calmer, more dignified divorce.
However, if people acquired those resources with marital income, then they are technically part of the marital estate. Allowing a spouse to retain their personal property is reasonable, but it is important to know what those assets are worth while making arrangements for other, shared resources.
Designer handbags and vintage clothing, for example, could carry price tags of hundreds or even thousands of dollars for each individual item. Wristwatches, high-quality tools and even antique furnishings can also be worth significant amounts.
People may need to work with professionals to determine reasonable valuations for different assets. They can then factor in the value of the personal property of each spouse when making decisions about other marital resources and debts.
Taking the time to catalog and value the entirety of the marital estate can help ensure a fair property division outcome. Spouses may need assistance as they identify marital assets and work to negotiate a reasonable settlement for the division of property in an upcoming divorce.