In a divorce case, personal property refers to assets and belongings that are not considered real estate or real property. Personal property includes items such as furniture, vehicles, jewelry, electronics, artwork, household items, clothing, and other possessions owned by the spouses. Here are some key aspects related to personal property in a divorce:
Identification and Inventory: During the divorce process, both spouses are typically required to identify and create an inventory of all personal property owned individually or jointly. This can be done through a process called discovery, where each spouse discloses and documents their respective personal property.
Characterization of Personal Property: Personal property is generally categorized as either separate property or marital property. a. Separate Property: Separate property refers to assets owned by a spouse prior to the marriage or acquired during the marriage by gift, inheritance, or through certain other specific means. In general, separate property is not subject to division in a divorce and remains with the owning spouse. b. Marital Property: Marital property includes personal property acquired by either spouse during the marriage, regardless of how it was acquired. Marital property is subject to equitable division between the spouses upon divorce.
Valuation: Personal property, especially high-value items such as artwork or jewelry, may require professional appraisal or valuation to determine its worth accurately. Valuation can be important when dividing assets, as it helps ensure a fair and equitable distribution.
Division of Personal Property: When it comes to dividing personal property, couples have different options: a. Mutual Agreement: Spouses may agree to a division of personal property through negotiation, mediation, or collaborative law. They can create a settlement agreement that outlines how personal property will be divided, taking into account each spouse's preferences and needs. b. Court Decision: If the spouses cannot reach an agreement, a court may decide how to divide the personal property. The court will consider various factors, such as the value of the property, each spouse's financial situation, and their contributions to the marital estate.
Separate Property Claims: Sometimes, there may be disputes regarding the classification of personal property as separate or marital. In such cases, it may be necessary to provide evidence to support separate property claims, such as documentation showing ownership before the marriage or proof of inheritance.
It is crucial to consult with an experienced family law attorney who can guide you through the process of dividing personal property during divorce. They can help you understand your rights, negotiate a fair settlement, or represent your interests in court if necessary.