What is Furniture?
Unless you sleep on the floor and keep all your belongings in plastic bags, you own some type of furniture. Furniture includes beds, bedroom sets, sofa/loveseat, end tables, book shelves, and a lot more. Most of it doesn’t have much resale value, but can cost a lot to replace.
🤔 Understanding how Furniture affects your divorce.
Furniture 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.
Jerry and Sally have already agreed that Sally will keep their marital home and that Jerry will move into a nearby rental. Since Sally will be keeping the house, they agree that it makes sense that she also keep most of the furniture, but that Jerry should be allowed to take enough to set up his new home.