On a financial checklist for divorce, an item says, "Personal Property. Documents, invoices, contracts, insurance policies, and appraisals on all personal property, including furniture, fixtures, jewelry ,artwork, furnishings, furs, equipment, antiques and any type of collections"
We have years old furniture that we bought last decade. I have no idea where any invoices or documents are regarding it are. We do not have any fancy furniture, fixtures, artwork, furnishings, furs, equipment, antiques, or any type of collections. I do have an engagement ring, but I don't know where the invoice or documentation regarding that is. Please advise. Thank you.
What document are you referring to? If you mean a financial disclosure statement, you can simply estimate what the value of your furniture and household goods might be worth.
Clients often panic when addressing this portion of the Financial Disclosure Statement. Unless you have a complete personal property appraisal, you can not arrive at an accurate value. The value of personal property in a divorce action is fair market value, not replacement value. The value is similar to what you will earn by its sale at a rummage sale. I normally advise my clients to leave that portion blank unless there has been a personal property appraisal in the divorce action. We try to avoid the need for such an appraisal by recommending to our clients that they divide their personal property on their own equally.
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