Lawyers and judges do not like to get into the business of dividing a couple’s personal property in divorce. The value of your personal property when you get divorced is not the price it would take to replace what you have, but rather the garage sale price. So, when you value your personal items (furnishings, kitchen items, jewelry, personal items, etc.), think of holding a large garage sale where everything in your house is for sale. Then imagine at the end of the day, the house is empty. How much money do you think would be in the tin box at the end of the day?
For most couples, this doesn’t amount to more than a few thousand dollars, and since each party generally takes some of the personal items, frequently there isn’t any kind of equalization in the divorce.
Of course, if you have valuable antiques, jewelry, or collections, then there can be disputes. The first dispute is often the worth of the collection. Husband says his gun collection is worthless because none of the guns work. Wife says it’s worth tens of thousands because of what the couple paid for it. The answer is generally to get an independent appraisal and go from there. The item or collection can be sold and the proceeds split, or one party can buy out the other party’s interest by paying half the value.
Another common question involves gifts. Gifts given to one spouse are that spouse’s separate property. Often the biggest gift is that of the engagement ring. Upon divorce, the wife keeps the engagement ring as hers, regardless of whether the ring is Husband’s grandmother’s.
Finally, when attorneys and courts do not generally want to get into the division of personal property, what is a couple to do? The best way, I think, is for each spouse to get a different color of Post-It. Each spouse then goes around the house and ‘tags’ the items they want. Then at the end, only those items with two Post-Its on them are items of contention. This makes it easy to identify what items need to be discussed without having to discuss every item – it narrows the field, which can reduce the conflict.
How did you divide your personal items when you divorced?