Division of personal property in a divorce or dissolution of marriage can be a source of disagreement between separating spouses. Typically personal property includes items that make up the parties’ marital residence. Those items include the furniture, computers, and other necessary objects that make up a home. How the spouses divide their personal property can be a difficult issue for a number of reasons, be it the perceived cost of the property or sentimental value attached to the property.
At the outset, it is critical to identify exactly what personal property is subject to division as part of the “marital estate.” In a Kansas divorce or Missouri dissolution, properly establishing whether certain items of personal property are included in the "marital estate" may alter the overall distribution of assets and debts depending on the value of personal property. Further, when marital funds are used to satisfy debts on otherwise designated non-marital personal property (like property brought to the marriage by one of the spouses), how the parties value that personal property becomes important in equitably dividing it.
One common mistake parties make in the division of personal property in divorce is overvaluing the personal property items. In a division of personal property in a divorce the courts usually will not assign a dollar-for-dollar new replacement value for most items of personal property. Thus, attempting to value property at the value it costs to replace the item with a new model will generally be met with opposition.
If you, a family member, or friends are in need of assistance with determining the division of personal property in a divorce or dissolution of marriage, contact the Flynn Law Firm today. Our experienced divorce attorneys have helped hundreds of clients through equitable division of personal property in the family courts of Jackson County, Johnson County, Wyandotte County, Platte County, Cass County, Clay County, Miami County and elsewhere.