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Divorce, personal property and equitable distribution

On Behalf of | Jan 21, 2025 | Equitable Distribution

Spouses preparing for divorce have to think about financial issues. The law protects them by requiring an equitable or fair overall division of marital property. Unfortunately, people often settle early without necessarily asserting themselves effectively. They make concessions that limit how much property they receive.

For example, it is common practice for those preparing for divorce to primarily focus on high-value assets. They make retirement savings or home equity the main priority as they negotiate with their spouse or strategize with their attorney. They argue over what the asset is worth and how to integrate it into the overall property division process. The state requires an equitable distribution of marital property, which allows for a degree of discretion when negotiating or litigating.

Ensuring a realistic valuation and a reasonable approach to high-ticket marital assets is important, but spouses also need to consider personal property. A failure to do so can lead to an uneven and ultimately unfair property division outcome.

Personal assets can also affect property division

The assets that either spouse has acquired during marriage may technically be part of the marital estate. Personal property can be worth tens of thousands of dollars. Personal property consists of assets that people can move with them when they leave their marital home.

Furniture, clothing and kitchen tools are all examples of personal property. Fine art, wine collections and jewelry may also be personal property. Spouses may have accumulated substantial collections of personal property using marital income. It is therefore important to identify and value the personal property belonging to both spouses.

Paintings, collectibles, antique furniture and even designer clothing can substantially contribute to the overall value of the marital estate. While one spouse may not want to keep the hobby equipment or clothing of the other, they need to account for the value of those assets if they want to properly apply equitable distribution rules.

Arriving at a fair solution for marital property requires acknowledging the overall value of a couple’s personal resources in addition to their most valuable shared assets. People who take the time to identify and properly value assets acquired during marriage using marital income can push for a reasonable and fair property division outcome. Being pragmatic and thorough in the preparation stages prior to divorce can help people secure the resources they need to rebuild a better life after it.