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Is personal property value defined as replacement value or the value you would obtain if you sold it online or at a garage sale?
7 ANSWERS
Family Law Attorney serving Peoria, AZ
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The Law Firm of Jessica M. Cotter, P.L.L.C.
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Generally speaking personal property would be the items of everyday living, like clothing, furniture, dishes, pots and pans, and that type of item. In a dissolution action personal property is generally valued as "yard sale" value.
Answered on May 29th, 2013 at 8:35 PM
Family Law Attorney serving Irvine, CA
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Law Office of Julie A. Ringquist
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The fair market value is the amount of money that you could get if you put it up for sale online or at a garage sale. You can either agree to distribute items so that the fmv ends up approximately equal for each of you, or you can sell everything (upon an agreement by both parties to do so) and split the proceeds.
Answered on May 29th, 2013 at 9:59 AM
Divorce & Separation Attorney serving Menasha, WI
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Petit & Dommershausen, S.C.
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It is not replacement value. If an appraisal is done, it is usually closer to garage sale prices than replacement value.
Answered on May 29th, 2013 at 9:58 AM
Family Law Attorney serving Las Vegas, NV
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Law Offices of Webster & Associates
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Value as if you sold it now at a garage sale or on line.
Answered on May 29th, 2013 at 9:58 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Personal property is any tangible good that is not real estate or a fixture. That is the definition. Its value depends on the situation. If you have personal property insured for the replacement value, then you should get the present value of the goods. If you have them insured for the acquisition cost, then you only get that amount. If you are talking divorce, then it is what somebody would pay for the goods now.
Answered on May 29th, 2013 at 9:58 AM
Personal property is property other than land such as furniture, bank accounts, investments and retirement plans. The valuation differs depending upon the nature of the asset.
Answered on May 28th, 2013 at 11:15 PM
Unless there are collectibles included, most courts do not concern themselves with value of personal property. As long as the valuation is consistent for all the property, either is probably acceptable.
Answered on May 28th, 2013 at 10:59 PM