Divorce can be a protracted and frustrating process. Many people prefer to complete a divorce as quickly as possible. They may sometimes cut corners in ways that put them at a significant disadvantage later.
For example, people preparing to negotiate property division matters with their spouses or gathering records for litigation often make the mistake of focusing almost exclusively on high-value assets. They prioritize retirement savings, vehicles, real estate and business holdings. They completely ignore personal property. They may simply assume that each spouse should keep their own assets. That oversimplified approach to property division can lead to an unfair outcome at the end of the divorce process.
Personal property can be worth tens of thousands of dollars
The more comfortable a couple was during the marriage, the more valuable their personal property may be. Items ranging from furniture and clothing to supplies for hobbies may technically be marital property. While only one spouse uses those assets, they acquired them with income earned during the marriage. Those assets are therefore part of the marital estate.
Even when one spouse has no desire to actually keep those assets, they may want to determine what they are worth. Under the community property statutes in Texas, each spouse has an interest in all marital or community property. While one spouse may not want the 3D printer or classic cars acquired by the other, they may want to consider the value of those assets when making other property division choices.
People who factor in the value of personal property can often achieve a more equitable property division outcome. This is especially true in scenarios where one spouse has expensive tastes and spent more marital money on personal property than the other. The assets may remain in the possession of the other spouse, but their value can influence the division of other property and the allocation of marital debts.
Recognizing how various resources can impact Texas divorce proceedings may help people as they begin preparing a divorce strategy and goals for the process. Those who understand state law and the extent of their marital estates are often in the best possible position to secure a favorable divorce outcome.