Personal property that should be listed in divorce
- posted: Aug 20, 2019
It is easy to miss a few personal items while documenting your possessions for an upcoming divorce. Georgia couples who own high valued assets may be so focused on a vacation home or an automobile that they forget about belongings like a china set. If you want your divorce to proceed without problems, it is imperative not to overlook assets that need to be listed as part of your personal property.
As Bankrate explains, anything that you own apart from real estate is considered personal property. Sometimes this property is called chattel or movable property. Intangible property consists of financial assets and intellectual property, assets that are valuable but do not have a physical form. Household items and vehicles, on the other hand, are tangible. A complete accounting of these items is important to determine what is and what is not marital property.
Many material items qualify as personal property. FindLaw lists common examples of personal property that are owned by high-income couples. Vehicles like cars, boats, RVs and campers are counted as personal property, as are clothes and jewelry. Couples should also think of collectibles that they may own, like valuable stamps and coins, expensive or rare artwork, or antique items. Valuable furnishings, like rugs and china, can also be counted.
In addition to furnishings and clothing, high asset couples should pay attention to electronics that they own. Couples with a lot of money can accumulate a lot of electronic equipment which can qualify as marital property, not just computers, but other devices as well. Printers, copiers, fax machines, and modems are just some examples of electronic equipment that can be considered personal property.
These are not the only examples, and it may take consultation with an experienced divorce attorney to properly account for all the personal property that should be documented in your divorce. Then you can determine what is and what is not marital property, work out a plan to divide your marital assets with your spouse, and resolve your divorce in an efficient manner as possible.