There are many types of resources that spouses must address when they divorce. Couples who bought a home together have real property to discuss. They may also have financial resources, ranging from pensions and retirement savings accounts to investment holdings.
Frequently, real property and financial assets become the main focal points during property division proceedings. Spouses often overlook their personal property. Personal property includes any assets that people can move. Tools, furniture, kitchenware, clothing and collectibles are all examples of personal property.
Spouses who are dismissive about personal property may do themselves a real disservice while negotiating terms for property division or presenting their case in family court.
Why does personal property matter?
Some personal property requires attention during divorce proceedings, as it belongs jointly to the spouses. They may have accumulated furniture and housewares together, possibly even as wedding gifts.
Other personal property clearly belongs either to one spouse or the other. Collections, clothing and other resources may belong solely to one spouse. The other spouse may have little interest in those resources.
However, they may represent a substantial investment of marital income. While it is common for spouses to agree to each retain their own personal property, cataloging personal property and estimating its value can be important. Otherwise, the final property division settlement could be highly imbalanced and unfair.
If one spouse accrued a collection of designer suits during the marriage, their wardrobe could be worth 10 times the wardrobe of their stay-at-home spouse. Jewelry, items related to hobbies, fine art, wine and various other personal property can represent tens of thousands of dollars in marital income.
Overlooking those resources due to a disinterest in owning them can unfairly skew the outcome of the property division process. The value of personal property can impact the allocation of other assets and even responsibility for marital debts.
Learning more about how the Washington courts handle property division and what assets influence the final settlement can help people as they start establishing goals and preparing for negotiations. Disputes over personal property may seem petty at first, but they are sometimes necessary for people to navigate in their pursuit of a reasonable property division decree.
