Who Gets What: Dividing the Little Things

Courts are well versed in assisting couples in dividing their marital assets. There is law and substantial case law that informs how the marital home, automobiles, 401k plans, pensions, retirement accounts, bank accounts, businesses or business interests, and brokerage accounts get divided among the divorcing spouses. While a difficult process, the outcome is a fair distribution of the marital assets.

When it comes to the little things, however, the divorcing couple is on their own. Many attorneys draft clauses in the settlement agreement that the parties will divide all personal property or the little things on their own. Courts too often refuse to make decisions on the division of small items because it is time-consuming and the items themselves have little monetary value and are more emotionally valuable to the divorcing spouses than anything else.   

Sweating the Small Stuff: A Guide to Division of the Little Things

Let’s pretend that you and your soon to be ex-spouse share the same birthday. On your birthday, you receive ten gifts. None of them are labeled so you do not know which gift goes to which person. How do you divide the gifts? The scene quickly descends to chaos. The main reason all hell breaks loose is uncertainty. No one likes uncertainty. When it comes time to divide the personal items you and your spouse collected during your marriage, refer to these guidelines often – particularly when the process becomes overwhelming.

  • Keep in mind that the little things are not simple or trivial but laden with emotions.
  • Items and personal effects have different meanings to different people. Just because you think it is trash does not mean your spouse does not treasure the item.
  • Conflict will happen but it can be managed.
  • Doing nothing is not an option.
  • Limit personal contact. Emotional trauma and spite should be left out of the process entirely.
  • Give and take.
  • Ask your spouse what he or she wants ahead of time.

Create a Division System

Prior to dividing the little things, the divorcing couple should set up some rules and parameters on how items are to be selected, or a division system. The idea behind this is that if you buy into the process, you are more likely to buy into the outcome, even if you do not get everything that you want. If you stick to a system you both create then you will not tear each other apart when you try to divide the assets.

A Note on Spiteful Decisions

A woman in New York took two crystal chandelier fixtures when she moved out of the marital residence during her divorce proceedings. They were worth $300,000, and she sold them for $13,000. The judge in the matter was not happy with her behavior and ordered the value of the chandeliers to be deducted from the five million dollar lump sum payment she was owed under the prenuptial agreement. In the end, her spiteful actions only hurt her. If possible, leave emotional trauma and spite out of the distribution process entirely.

Contact an Experienced Family Law Attorney Today

If you or someone you know is struggling to divide assets with a soon-to-be ex spouse, we want to hear from you today. Do not hesitate to call the legal team at Lawrence Law Office at (614) 228 – 3664 for a consultation or email us using our website or lawrence@lawrencelawoffice.com.

Divorce and Life Insurance Policies

When the decision is made to dissolve a marriage, many factors must be accounted for. You and your spouse will have to determine the rights to assets owned prior to marriage, assets bought together during marriage, support rights, child custody if children are under 18 years old, as well as different policies and accounts you planned for together. If you and your spouse named one another in life insurance policies or for retirement savings accounts for the benefit of the other, there are additional steps you will need to take after the divorce decree was entered in order to have that policy apply to other interested parties.

Divorce Decrees

Once a divorce decree is entered in court, each spouse legally now has separate assets and rights that the other spouse no longer has any vested interest in. However, there are certain assets that must be changed by the spouses after the divorce that do not automatically terminate upon the dissolution of the marriage, such as life insurance policies and retirement accounts.

Life Insurance Policies

While your former spouse’s rights to your estate terminate upon the marriage ending, life insurance policies do not work the same way. When taking out a life insurance policy, it is common to name your spouse as the beneficiary and if you have children, your children in the event your spouse is also not alive. Once the divorce decree is final, it is important that you contact the provider of your life insurance policy in order to name a new beneficiary or your former spouse will be entitled to receiving your policy upon your death.

Some families who have minor children together will leave the former spouse as the beneficiary if the relationship is amicable, however, if it is not, you do not want the former spouse receiving proceeds after your death. Almost all life insurance policies are revocable, meaning you can alter them during your lifetime and change who will receive the policy in the event of your death. This is also an important consideration if you are entering into a second marriage. Amending the policy to name your new spouse is important because while a court will recognize your most recent marriage, they will not amend your life insurance policy in the event you failed to.

Considering a Divorce?

Divorce can be a highly stressful time and is something you should not go through alone. The experienced legal team at Lawrence Law Office will work with you to help you sort out what you deserve and make sure you get what you are entitled to. Please do not hesitate to reach out to us as (614) 228 – 3664 for a consultation or email us at lawrence@lawrencelawoffice.com.

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