What happens to your possessions in a divorce? Well, most people can come to their own agreements as to the division of furniture, lawn equipment, and other household goods. But in the event the parties cannot agree, several approaches exist.
First, the parties can attend mediation and sit with a third-party neutral who will facilitate resolution. They can either attend the mediation with their individual attorneys or just meet with a mutually agreed-upon mediator by themselves and then take the mediator’s work product to their attorneys to incorporate the agreement/s into their Marital Settlement Agreement.
Second, the parties, via their attorneys, can mutually agree to hire an arbitrator. In this model, the parties either agree as to the value of the items or have their household items appraised. The arbitrator then hears testimony and decides the division of personal property. And, third, the parties can offer the same evidence to a judge, rather than an arbitrator, who will make the decisions.
Having personal property appraised can cost thousands of dollars and for most people it is not a wise investment of time or money. For others with extensive artwork and other valuables, an appraisal is almost always done.
The most frequent dispute concerns jewelry. While the engagement ring is the property of the recipient, the wedding band and all other jewelry is on the table. Appraisals done for insurance are not always reliable and new appraisals may need to be done.
