Property Casualty Insurance Inventory: Place Value on Your Divorce
Preparing for a divorce can be grueling. Not only are your responsible for “keeping it all together”—perhaps for the sake of the children involved or for your personal sanity—but there are additional tasks to undertake.
Aside from attending to the tasks related to the rearrangement of your personal life, meeting with your qualified family law attorney to discuss child support, visitation, spousal maintenance, and the division of marital property takes a lead position on your ever growing task list.
As your attorney advises you to gather all financial documentation in preparation of a fair and equitable divorce settlement, and per the previous recommendations of the American Insurance Association (AIA), a leader in U.S. property-casualty insurance trade, you should already have one document readily accessible.
If you listened to your insurance agent when the underwriting of your property casualty insurance was being issued, you should have an inventory of all household contents—also invaluable for your divorce proceeding regarding the division of marital property.
In the event you do not have this document on hand, the time may be right for compiling an inventory. The following provides helpful hints to begin the process and to cross this next task off your list.
Calculate the current value and original purchase price of items such as sofas, dining sets, bedroom furniture, and other large items. These items can often be disbursed depending on which spouse has a definite need.
These devices are often considered the most valuable items. Again, calculate the current value and the original purchase price. Also, document the manufacturer and model numbers so value assessment can be verified by an independent third party. Items to include are televisions, media players, gaming systems, computer equipment and accessories, and even alarm systems.
Antiques and Collectibles
This is often the most difficult area open to division, due to inheritance and sentimental issues. Therefore it is suggested that you enlist the services of a reputable antique appraiser to estimate value. Additionally, document items either via a photograph or written description. Items may include coin and stamp collections, heirloom furniture, or any other valuable collectible items. Since this area often raises disputes, you may wish to enlist the assistance of your divorce attorney to help establish ownership.
Items which fall into this category may be difficult to classify but cover items installed into the home such as built-in modifications or expensive enhancement items. Even though difficult to extract from the home, it is not out of the realm of possibility that one spouse may be adamant about removing the item for personal or monetary gain.
Items may include juvenile furniture sets and high-end toys. And despite a parent being able to establish proof of the expense, ownership is frequently granted to the child. These items should be included on the inventory as the opposing attorney may want to assess the monetary value.
Consult a Geneva Divorce Attorney
If you recently took a personal inventory of your marriage and opted for divorce, seeking the services of an effective Geneva divorce attorney should be sitting top position on your pre-divorce task list. For more than 30 years, the Law Offices of Douglas B. Warlick & Assoc. have been effectively resolving marital property disputes for clients throughout Kane, Kendall, Dekalb, and DuPage County. To schedule your personal consultation with Attorney Warlick, call 630-232-9700 today.