Friday, July 31, 2009

Sorting Out The Personal Property

Always got to deal with the personal property.

I understand dividing personal property may not loom large in most people's mind. But it is the one thing that will occur in all divorces. Not everyone has real estate. Not every case will have children with their issues of custody, visitation and child support. Everyone has personal property.

Most people tell me they own nothing. Yes, they do. We got our property law from the English. They divided property into two large categories: land (real estate) and everything else (personal property). Clothes, cars, CD's, pots and pans, and IBM stock are all personal property.

When you get thinking about personal property, I suggest thinking about what Los Angeles Divorce and Family Law wrote in its Money and Divorce

Your best option is to be as honest as possible – don’t try to hide your assets – no matter how badly you’d hate to share them with your ex – as this will only take more time and money to sort out and is TOTALLY ILLEGAL.

Failing to agree over the division of family assets (such as the family home, a business and pension funds), child custody and support and even personal items like CD collections or pets can also cause fees to skyrocket, especially if both parties reach a stalemate over who gets to keep Harry the hamster

Indiana law presumes a 50-50 division of property and personal property goes into calculating that 50-50 split.

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