What is Exercise Equipment?
We all have our favorite pair of sweats or basketball shorts, but those aren’t really considered exercise equipment. Rather, think of weights, treadmills, stationary bikes, and other high-ticket gear you’ve acquired over the years.
🤔 Understanding how Exercise Equipment affects your divorce.
Exercise Equipment acquired during the marriage is usually treated as marital property. Assets acquired by one spouse but which the other spouse uses regularly during the marriage may also constitute marital property. You and your spouse will need to make the identity of each asset clear. You will also need to determine the present value of your assets to help you determine how to divide the overall value of your marital estate between you. If the asset is encumbered by a loan, you will need to identify the loan account number, the name and location of the lender, the loan balance, and the amount of the monthly loan payment.
As you consider how to divide the assets acquired during the marriage, it’s best to take into account the purpose and primary user of each asset.
Sally is very fit and walks on the treadmill every day for at least an hour to stay in shape. Jerry is working on bulking up for an upcoming body-building competition. Jerry suggests that Sally keep all the cardio equipment after the divorce and that he keep the anaerobic equipment. Sally feels this is the fairest division of this type of asset and agrees to the plan.