There are several reasons why the division of personal property can be challenging. The sheer abundance of personal property that most married couples have to divide is mind boggling. As with most issues, it may be best to begin the parties' discussion by asking them which items of personal property they may or may not want to keep. These "easy agreements" become the first pieces of the parties' personal property division puzzle.
As with any daunting task, the easiest way to proceed is to organize and address each issue or item. Each party prepares an inventory of their personal property, listing all significant items and defining a value for each item. Based upon this listing, parties can make all allocation decisions that come easily. In making such "easy" decisions, the property is received by each party either at an agreed-upon value or at the highest listed value. Once the “easy” allocation decisions are made, the parties identify each party's tentative sub-total value and this becomes the context for seeking to work out the division of remaining items.
The parties may look to establish “package deals” by grouping items for the remaining division of personal property. It the negotiations cease, the parties can either have an auction of the remaining items or take turns choosing from the list of remaining items.
Finally, values of the personal property received by each party must be calculated and if there is a greater value given to one party over the other, that value should be recognized and balanced.
For more information on spousal support, please call (303) 591-8985, or e-mail info@mediateddissolutions.com.