The law requires the court to divide the marital property in just proportions. In most cases, this will mean equally. The spouse that stayed home and cared for the house and children is usually deemed to have contributed just as much to the marriage and marital assets as the spouse whose name appears on the weekly paycheck.
In order for the court to make an equitable division of your marital property, it must first know what constitutes the marital property. Marital property is defined as all of the property (houses, cars, stocks, cash, etc.) which you and your spouse purchased or obtained during your marriage. It is very important that you list all of the property of which you are aware or even suspect exists.
It is expensive and time-consuming to return to the court after the divorce to attempt to get the court to divide property you forgot to include the first time around. The best mindset to have in this section is, "If I don't list it, I'll lose it!"
Inventory of Marital Property
Your attorney can't possibly know about every single piece of furniture, bank account, CD and IRA you and your spouse have acquired during the course of your marriage unless you tell him or her.
Fair Market Values
Used personal property has far more value to the person in possession of it than its value at an auction, in an appraisal or assigned by the court. The court must use fair market value (FMV), or what a willing buyer would give a willing seller. It is very close to the value at an auction or yard sale.
You and your spouse will always do well to divide your marital possessions and decide ultimate ownership of personal property, especially items like used furniture, appliances, TVs and stereos. Such property must be appraised if there is no agreement, and this expense is very real.
It is not unusual for parties to be dissatisfied with the values assigned by court-appointed appraisers. Enter the FMV in your column if you are to get the item; enter the FMV in your spouse's column if he/she is to get the property.
Must-Haves
You may have to decide if you are willing to pay lawyers' fees to fight for a piece of property. If you and your spouse can agree on a comprehensive list of tangible personal property but seem stalled on a method to ascertain equitable distribution, you might want to consider the "Personal Auction" technique. Flip a coin to see who goes first and then alternate making choices until all the assets are assigned.
