Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

Don’t overlook the importance of splitting smaller assets

| Dec 12, 2018 | High-asset Divorce |

When you file for divorce, you know that you will have to split up the assets that you have amassed during your marriage. You might automatically think about the large stuff like the house and vehicles, which are certainly serious matters.

On top of those, you also have to think about some of the smaller assets that you have from your marriage. This includes items like kitchen gadgets and furniture. If you think about it, these can actually be high-value assets when you start to add up all the furniture in the home along with other items. The electronics also fall under this umbrella, so that would increase the overall value considerably if you were a tech-savvy family.

It is usually best to split the large assets first and then use these smaller ones to balance things out. This might help you to get a divorce settlement that works in your favor instead of one that puts more financial strain on you than what you can handle.

Another consideration in these cases is what to do with special collections you have. This could be paintings, sculptures, or anything else. In some cases, it is best to sell these as a set to a collector. In other cases, one person might choose to buy the other one out so they can keep the collection. There are a few cases in which splitting up a collection might be the best idea.

It may be necessary to have an appraiser check some assets you have to split. When this is the case, be sure that you factor the cost of having this done into the overall value.

You might decide that you are willing to try to keep some smaller assets based on the sentimental value of them. Considering hanging on to these instead of larger assets simply because of the emotional attachment maybe less costly down the road. Just remember that they will count as part of your property division settlement.

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