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Property division: Don’t forget about the smaller assets

Dividing assets can be a challenge when you are going through a divorce. Some are going to be more problematic than others. You have to think about the various ways that you can divvy things up so that it is equitable and then move forward from there.

While many people focus on the larger assets like vehicles and homes, there are some smaller assets that might prove to be more difficult to split. Here are a few that you can think about:

  • Household items: This includes everything from the towels in the bathroom and sheets in the bedrooms to utensils in the kitchen and garden tools in the shed.
  • Furniture: You will have to divide all the furniture in the home. Some choose to leave these with the house and just find other assets to offset the value of the furniture.
  • Collectible items: Some people are avid collectors of unique things. In divorce, you have to determine whether one spouse will keep the entire collection or if it will be split between both parties. The value of the collection can be directly impacted by this decision so consider this when making the decision.
  • Artwork: Artwork might need to be appraised before the split is made. As an alternative, you and your ex might decide to just take the pieces you each want without worrying about the value. This might not be advisable if you have high-value artwork in your possession.

You must remember that even these smaller items can have a significant impact on your finances after divorce. It might not seem like it will be costly to procure new household items, but the costs will add up quickly. Be sure that you agree to a divorce settlement that is putting you in a good position going forward.

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