Personal Property: Don't Sweat the Small Stuff
Personal property is a legal term that covers all property that is not real property. It includes intangible property such as stocks, bonds, or business good will. It also includes tangible property such as cars, boats, clothing, jewelry and collectibles. As a practical matter, when divorce lawyers and judges talk about personal property they usually mean the contents of the home, the collectibles, the clothing, the art, and all of the other "stuff" in our lives.
If a couple can agree on how to divide their personal property, they can just make a list showing who is getting what. They can give the list to their lawyers. Even if their case goes to trial, they will not have to spend their time and money on the division of their personal property.
If they disagree about what there is to divide, how much it is worth, or who should get what, then they ask their lawyers to attempt to negotiate a compromise. Otherwise, they have no choice but to pay their attorneys to go to trial to seek a court order dividing their personal property.
Even though is probably impossible to account for every last spoon, cup or saucer acquired by the parties during marriage, many divorce cases become extremely expensive and time-consuming when one or both of the parties are determined to leave nothing out of the personal property division. Many clients could have replaced the entire contents of their home for less than the amount they have paid in attorneys fees to fight about their personal property.
It is rare for the parties to leave a marriage or relationship feeling content about the division of their personal property. The best solution is to decide what things are most important to you, put them down on a list, give the list to the attorney, and then move forward with your life.