What Assets Must Be Divided During a Divorce?Tuesday, March 31st, 2020, 4:01 pm
Divorce is something many people have never done before, and most hope they only do it once. Because of this, it’s something that many people have a general idea, but may lack knowledge of specifics. One of the things some people misunderstand is how the court looks at assets and their division. While the court may be involved in how the two of you divide real estate, bank accounts, and retirement funds, the judge isn’t going to want to go through every little piece of communal property. For example, the court isn’t going to sit down and outline how you and your soon-to-be-ex split your movie collection or your kitchen pots and pans. That’s generally left to the two of you to deal with.
Major Assets Need to be Listed Out
However, there are some assets that must be listed and presented to the court during a divorce. These include all joint real estate, including the home you live in and any vacation homes, rental properties, or land. You also need to list all of the vehicles you own, including recreational vehicles and boats. You should submit a list of all of your bank accounts, CDs, bonds, stocks, and other assets, plus any retirement plans.
The court will also want to know about other items that are worth a good amount of money. This includes jewelry, clothing, furniture, appliances, antiques, and other collectibles and collections. Your lawyer will be able to help you determine what should and should not go on this list. For example, a cheap folding chair is likely not something you need to list, while an expensive recliner should needs to be on the list.
Sentimental items do tend to fall into their own category. Some of these items aren’t worth much, but both you and your spouse have an attachment to them. In this case, you may have to ask the judge to determine who gets possession of these items.
The Garage Sale Method
What happens if you and your spouse can’t decide on how to divide the small things that the court isn’t interested in dealing with? In many cases, rather than go down a lengthy inventory list and divide things up, the judge will order that all of the household property is sold at a garage sale or auction and the two of you split the money. Because of this, most people work very hard to come to some kind of agreement to split the items, so they at least get something. If you’re in need of an experienced divorce lawyer to help you with your asset list, the team at the FK Law Group is here to help. Contact us today to schedule a consultation